Life Insurance for Elderly Parents


Many things about getting older are a blessing—The joy of grandkids, the freedom of retirement, those handy senior discounts. Anyone lucky enough to arrive at this stage in life in a sense has made it…and that’s something to be thankful for.

However, there’s no denying that there are less than optimal aspects of aging. As uncomfortable as these truths are, they can’t be ignored. The older we get, the higher the likelihood of health issues arising, as does the risk of dying.

All loving moms, yours included, have asked themselves: “What will happen to my children when I pass away?” It’s never an easy question, but it’s an honest one. Thankfully, with quality life insurance coverage, it’s one that, at least financially, we can answer.

Why Get Life Insurance

As moms, we all aspire to be at our kid’s side until we’re old and gray. We also know life can be unpredictable. Life insurance is the best way to guarantee your family’s financial security and future. By paying a premium every month, you family will be guaranteed a tax-free lump sum in the event of your passing.

Preparation for the unthinkable is part of being a parent, but does this preparation stop as soon as your children leave the nest? Ask yourself: Do you ever stop being mom? We didn’t think so.

The specific role you play as a mother may evolve as you and your children get older. However, this doesn’t mean that your ability to assist them throughout your life—and beyond—ever ends.

So, what’s the best way to ensure your loved ones will be financially secure, no matter what? And shouldn’t this same logic apply to your own aging parents? As awkward as these conversations might be, solidifying life insurance is by no means a “cash grab.” It’s simply a smart way to invest in your family’s financial future.

How Does Life Insurance Work?

 Basically, the younger and healthier you are, the better life insurance rates you’ll receive. If you’re healthy, under 45 and don’t have coverage, now is the time! Many moms can find great rates for as low at $5/month, though your final rate will be determined by factors including:

  • Exam Results: Though not required for all policies, many use the outcome of doctor’s visits and blood draws to accurately determine your current health.
  • Overall Health: Do you have any major health conditions? Are you a smoker?
  • Gender: Woman statistically live longer, resulting in lower premiums.
  • Jobs and Hobbies: If you’re a stuntwoman who loves to skydive, your rates will likely be higher than a bookworm accountant’s.

Age is also a major factor in determining life insurance. As you reach your later 40s, premiums for term life insurance begin to increase dramatically, approximately 8% each year, according to Policy Genius. This increases to 9–12% each year as you hit your 50s. 

For example, here’s how rates are likely to increase for a non-smoking female at a healthy weight looking to take out a 20-year term life insurance policy for $500,000:

Age Yearly Rate
20 $310
35 $430
50 $1,043
65 $5,031





There are many variables that could affect these numbers, so premiums will likely differ. However, this is a very accurate example of how insurance rates will spike with age.

Anchoring down a price at an earlier age guarantees a great price for decades to come. It also guarantees getting life insurance at all. If put off until after a major health issue arises, such as cancer, or a certain age is passed, eligibility may be denied altogether for many plans.

But what if you, or your aging parents, did put off acquiring life insurance until well after turning forty, fifty, or even past age sixty? Is there really a point?


Do My Aging Parents Really Need Life Insurance?

Ok. We don’t need life insurance in the same way we need to pay rent or our electricity bills, but it’s honestly smart to start thinking of it that way.

Life insurance is truly the smartest way to prepare for the financial impact created when our families lose anybody. Even if paying a higher rate for a lower payout due to age, the final sum received will almost always outweigh the amount put in.  

And let’s clear up the idea that asking your senior parents to sign up for life insurance is somehow a “cash grab.” The fact of the matter is that life, and death, is expensive. Here are just some the things that life insurance money often goes towards:

  • Final Expenses: The average funeral in the U.S. currently costs between $7,000–$10,000.
  • Debts: Who will pay off any money that’s still owed on mortgages, credit cards, etc.?
  • Spouses: Remaining partners of the deceased can live for decades longer. Life insurance can serve as their income. Even if they are currently self-sufficient with minimal medical expenses, that could change in the coming years.
  • Business Expenses: Is there a remaining business left behind? Without the physical or financial support of your parent, decision involving finances often arise.  
  • Charities: Many people want to give to a charity of their choice upon their passing. Life insurance will provide a sufficient amount.
  • Family Gifts: Most parents do want to leave something behind for their children and other loved ones. Life insurance provides the peace-of-mind that this will happen.

As a mom, don’t you want your family to be cared for after you’re gone? This includes not straddling them with the substantial expenses and additional stresses. Losing a parent is hard enough. Active life insurance promises that the money will be there, and if you complete a will, that it goes exactly where it’s most desired.

How To Get Life Insurance

As previously mentioned, it does become more difficult to qualify for life insurance when you’re older. However, it’s never impossible. Here are four common life insurance options to consider:

  • Term Life Insurance: The most popular option, term life is usually the cheapest form of life insurance. Typically locking the insured into 10-, 15- or 20-year terms, and an agreed-upon monthly premium and lump sum, term life insurance is a great choice for healthy people under 50. After the term is up, you must reapply which often means a higher rate. It’s also more difficult for those with health issues or those who are older to receive low rates, or to be accepted at all.
  • Whole Life Insurance: Once qualified for whole life insurance, the insured pay this amount for the remainder of their life, as long as the premium is paid. This sounds great, but it typically costs substantially much more than other life insurance options and often out-of-reach for many.
  • Guaranteed Life Insurance: Also known as a graded death benefit plan, with no exams or medical record reviews required, anyone who applies is promised coverage. However, guaranteed life insurance does have considerable drawbacks including higher premiums with a lower payout.

Also, if you pass away before paying in for two years, instead of a payout, your family will receive a refund of your monthly premiums. Still, this is a fantastic option for those not eligible for other options.

  • Final Expense Insurance: It’s exactly what it sounds like—expenses to be used for end-of-life costs including final medical expenses, funeral fees, caskets, cremation, headstones, etc. Most policies have payouts of between $5,000–$25,000. Similar to Guaranteed Life Insurance, anyone who applies will be accepted.

No matter where we are in life, as a mom, we’ll always want the best for our children. Life insurance is simply one way to ensure financial security and peace-of-mind that they are cared for always.

 Ready to start comparing incredible A-rated life insurance plans? At JennyLife, we believe everyone deserves great coverage. We will match you with affordable, comprehensive coverage guaranteed to fit your needs. Designed for families at all stages of life, our plans require no exams and rates as low as $5/month.

Tom RedingComment