From creating a legacy to covering end-of-life expenses, there are many ways life insurance can financially protect your parents. As children, we rely on our parents for love, support, and guidance.
But as we grow older, the tables turn, and we naturally want to protect them in the same way they protected us. One way to do this is by encouraging them to get life insurance, or by taking out a policy on their behalf.
Can I get a life insurance policy for my parents?
Yes, in most cases you can take out a policy for your parent, or they can get one themselves. It’s a great way to help them leave a legacy as well as cover end-of-life expenses. However, if your parents are over the age of 50, chances are their life insurance company will want them to submit their medical history. Be sure to disclose any pre-existing health conditions so your insurer can correctly assess their risk and pave the way for a smooth claims process later on. Also keep in mind that most insurers have an age limit, often around 65 years old, after which it becomes difficult to get coverage.
Can I pay for my parents’ life insurance premiums?
If you take out a policy for your parent, they will be the policyholder, but you can pay the premiums to keep their policy active. Just remember that your parents, as the policyholders, will be able to choose whomever they’d like to be the beneficiary of their policy’s payout. No law requires them to nominate the person who pays their premiums as a beneficiary. They can choose multiple beneficiaries as well as whomever they’d like, be it a non-relative or even their favourite charity.
MiWayLife policies include additional benefits
Not all life insurance companies are created equally. Some, such as MiWayLife, offer great additional benefits that can be extremely helpful if you want a life insurance policy that works harder to protect your parents.
At MiWayLife, we like to keep it simple. For a low monthly premium, the policyholder is offered a set amount of coverage that’s paid out in a lump sum to their beneficiaries in the event of their passing. The cover under this benefit will grow by 5% each year. Every policy includes an Accelerated Funeral Benefit that can extend to cover other family members as well as a Terminal Illness Benefit.
What is MiWayLife’s Terminal Illness Benefit?
As our parents get older, their risk of developing a terminal illness increases. This is why it’s good to know about our Terminal Illness Benefit. It’s built into all our life cover policies and pays out if the policyholder develops a dread disease resulting in a life expectancy of less than 12 months after diagnosis. As the benefit is accelerated, it means you have the option to immediately claim 50% or 100% of your life cover amount. This can go a long way towards paying for their care, covering end-of-life expenses and providing you with priceless peace of mind.
The bottom line
A life insurance policy is a wonderful financial tool that can create a financial safety net to protect your family, including your parents. If you’d like to encourage them to take out a policy, don’t wait until they’ve passed the age limit. Get a quick quote today from MiWayLife and take advantage of our low premiums and value-added benefits for the ultimate peace of mind.
Did You Know:
You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.
