Knowing that your parents are financially secure after they have retired is something that most people want. While your parents will have to take out a policy in their own name, there are a few things to keep in mind when shopping for a life cover that will adequately cover them.
Get them covered as soon as possible
While it is possible to take out a life cover once you have retired, it is vital to remember that there is an age limit. Most life insurers start offering life cover to people who are between the ages of 18-65 years old. Taking out life insurance when you are older not only becomes more expensive, but it can also be harder to find an insurer who will be willing to cover you after you have reached 65 years of age.
Can you take out life cover on their behalf?
Everyone's situation is different, which is why insurers make it possible for people to take out a life cover on behalf of their parents. It will need to be a biological parent or a close family member that you share a bond with to avoid complications. The policy will be written with their name, but you will be responsible for paying the premiums of the policy. Remember to keep in mind the age limit that comes with life covers, therefore, the sooner you have a policy for your parents the better.
You can cover your parents under your policy
It is possible for you to take out a life insurance policy in a scenario where your parents have surpassed the age to take out a life insurance cover policy under their own name or are unable to pay for their own policy.
MiWayLife offers a built-in funeral cover that allows you to cover up to eight family members. Using such features means that you will be able to take care of your parent’s funeral needs under one premium instead of having different policies with different premiums.
Terminal illness feature
Having a life insurance policy in place means that you get access to features such as terminal illness cover. Terminal illness cover can protect you and your parents financially should they be faced with a terminal illness. You will have the option of choosing 50%-100% of your policy payout to be used as a terminal illness cover to give you one less thing to worry about.
Decide on the best cover
You will want to work on the policy with your parents when gathering documents, financial records and deciding between term insurance or whole life insurance. Term insurance covers your parents for a set period, while life insurance covers for their entire life. There are certain aspects that can impact on premiums, such as the health and age of your parents.
Each family dynamic and situation is unique, which is why we suggest contacting us directly for a quote in order to find the best coverage for your needs.
MiWayLife believes in offering the best deal for you, without the need for invasive medical tests. We can be trusted to give you the best policy to suit your needs.