With the current economic uncertainties, a cover policy is important because it helps to support a family. Life insurance for elderly parents is particularly important because the benefits can be used to cater for funeral costs, therefore, removing the financial stress likely to be borne by the family during a difficult time- as a result of losing a loved one.
The benefits can also be used to cater for additional financial support such as the grand children college tuition. Therefore, it is important to choose the right policy in light of the variety of options available in the market. The questions to ask when choosing an elderly parents policy include:
How does the policy work?
The policy offers payment upon the death of the policy holder. Many of the families have financial goals that they are seeking to meet using their hard-earned income including paying off mortgage, supporting elderly parents or putting children or grand children through college.