Reader’s Question:

Our family is working to re-evaluate my elderly parent’s life insurance expenses in Missouri, do you have any helpful tips?

Lars

Independence, MO

There are many ways to approach what you are trying to accomplish for your elderly parents there in Missouri, however, the first advise you would want to get is to determine if their life insurance policy is still practical and cost-effective. Here are a few things to keep in mind to determine the best way to help your parents with their life insurance costs.

” Practicality – can they still afford the premiums they are paying? If they are forced to pay a thousand dollars a month just to maintain a policy that has been there since the 1950′s, it may be time to look for better rates. Competition between life insurance providers has become stiffer and they may find someone who is willing to provide the same level of benefits for much lower rates. This would be a good time to shop around the Web and get quotes Online.

” Know when to sell – if your parents are sufficiently aged, it may actually be a good idea to surrender the policy and get the total cash value amount they have invested. This is especially true for those that have whole life and universal life insurance since the said policies may have incurred substantial amounts of interest, enough to carry them further on without having to pay so much on premiums.

These are just general tips and it would be good if you can consult a financial professional or an independent life insurance broker to guide you further.

 

Tags: elderly life insurance, high-risk life insurance, life insurance for seniors, life insurance advise