 Life Insurance Parents over 50A Whole of Life Insurance plan does exactly what it says on the tin; Your parent pays a monthly premium for life or until a certain age and in return a cash sum is paid out when they die.
By: Mintco Financial If they do require additional protection, it is important to think about what the cover will be used for, how much life cover they think they will need and of course, how much they can afford on an ongoing basis. Monthly premiums can be payable for a long time, in some cases for life so your parent needs to take into account any likely changes to their income during that period and be sure they are comfortable with the amount. Depending on the age of your parent, their needs for life insurance will vary which will in turn reflect on the type of life insurance they choose. Things to consider are as follows: • What financial impact their death will have on family members (husband, wife, children, grandchildren) • Is there a mortgage to protect? • Are there any outstanding debts or loans that need repaying? • Will Inheritance Tax be an issue? • Who and how will funeral costs be covered? • Whether they would like to leave a legacy for family of friends? A Whole of Life Insurance plan does exactly what it says on the tin; Your parent pays a monthly premium for life or until a certain age and in return a cash sum is paid out when they die. There are two key types of whole of life insurance to choose from; Guaranteed Life Insurance and Underwritten Life Insurance. Guaranteed Life Insurance Your parent is guaranteed acceptance with no medical or health questions to answer so the state of their health is not taken into account. They will be fully covered after an initial period of either 1 or 2 years (depending on the plan provider). If they die during this time the full cash payment would not be paid but all of the premiums paid out would be refunded. Underwritten Over 50 Life Insurance An Underwritten Life Insurance Plan also pays out an agreed cash sum on death but the application process is longer and does include health and lifestyle questions. These types of plans offer immediate protection and could provide at least 40% more cover, so it is worth taking time to compare both guaranteed and underwritten, especially if your parent is in good health. If you need a quote for Life Insurance for parents over 50 go to http://www.mintcofinancial.com Call us at 813 964 7100 End
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