Advice on Parent's Life, Disability and Dread Disease Insurance.
Are your parents really protected against financial loss?What if one or both become seriously ill and need long-term care--will they have the financial resources to pay for care?
What if one of your parents dies unexpectedly--will the survivor have enough money to live on?
If you are concerned, you need to have a talk with your parents. It may not be easy, but the consequences may be devastating.
Remember when your parents had the same need to talk to you about their concerns? Now you must be there for them!
Here are some ideas to help you broach the subject;
- If they resist - they may feel you are being intrusive. After all they taught you life skills.
They may feel it's none of your business, or that it's insulting that you feel they haven't made proper arrangements.
Be prepared to explain that you have their interests at heart. - Keep it private - it's a very personal issue to discuss. Choose a place they feel most comfortable in. Don't rush through it.
You probably won't achieve much initially, but you have planted the seed. - There's safety in numbers - if you have siblings, involve them. If all of you express concern, it can make a difference.
- Be direct - show you are concerned. Don't fudge the issue. No perhaps or maybe. It's too important to ignore.
After all, it may be you that has to pick up the costs.
Use the I have a friend approach, where you illustrate your concern.
Joe's father went into a nursing home a few years ago. His father didn't have long-term care insurance, so now Joe has to sell his father's house.
Or discuss what you have done and steer the conversation to their concerns. - Ask for their advice - They are used to giving advice, not receiving it! What would they do if they were Joe?
- Ask a simple question - Who is your insurance broker? or Where do you keep your insurance policies in case of an emergency?
- Bring in the big guns - Call me!
- Be patient - It's not an overnight issue. Elderly people need a lot of persuasion and confirmation to help them make a decision.
It will take more than one appointment. - Do as they wish - if they do agree, it does not mean you take over. Do only what they wish.
Issues to talk about;
- What policies do they currently have?
- What policies do they have, but no longer need?
- What policies don't they have, but need?
- What are the details of their current policies?
- Do their current policies provide adequate coverage or too much coverage?
- How much can they afford to pay for premiums?
- Have they investigated their premiums to see if they can do better?
- If there are beneficiaries, are the proper persons named?
- Who should be responsible for paying the premiums (you or your parents)?
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Last update: April 22, 2022
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