Parents can be stubborn about a lot of things. They might think they know better, but they’re frequently out of date with the times. Some are super competent, know how to handle themselves despite anything. Others, well, they’re more like kids that need protecting as they get older.

One of the things you should probably sit down and talk with them about is insurance. 

Having health insurance for your family planned out well in advance will save a lot of trouble when the unpredictable happens. The best health insurance plans are there to give you relief.

It’s just practicality that needs to be done in this day and age. Stuff isn’t like it used to be anymore, and making sure your parents get to enjoy life as much as possible in their final days is the least, simplest thing that many of us can do. 

A lot of people don’t understand how to get life insurance for their parents. They might have it for themselves, as usual, they do when they’re employed and just jump on whatever options their company offers. But getting the right medical insurance for parents requires planning and calculation.

First, you need consent from your parents. This is their signature on a document that legally declares their understanding of the situation, and that they are okay with you getting them insurance. A bit of a funny one, but it’s necessary. For some people, it might just be easier foryour parents to take out the insurance instead of you. Once you get the okay, you can begin to do the heavy lifting for them. The serious work, like comparing policies and figuring out what is right for them. 

Secondly, you need something called insurable interest. Why is there something so complicated before you buy insurance? If you just want to get insurance, this stuff might seem unnecessary, but it’s there for a reason. This is to prove that you’ll suffer financial costs and loss when your parents die. Otherwise, people might take policies when they expect their parents to die. Most people shouldn’t have any trouble with this one. 

Thirdly, it’s time to begin looking at a coverage amount, this requires a bit of effort, and determining the death benefit is important to consider, with all the costs you will incur when upon the passing. The burial or funeral process, depending on how you want to do it, can be pricey. 

Through most of history, the most expensive things in everyone’s life has been weddings and funerals. A good buffer amount is needed here, as you really can’t expect how things will be when the worst happens. Looking at the bigger picture, the amount of money your parents have in their savings, any other sources of income, outstanding debts and such are all massive ordeals you need to sit down and examine properly. This stuff needs to be handled when everyone is hale and hearty. Paying off their house mortgages and other debts definitely impact the death benefit in the end. And that’s something you need to consider with as much information on hand as you possibly can. You might even consider getting a proper financial adviser to clear all your legal and math questions, so you can be absolutely sure of what you’re doing.

Then comes choosing the type of insurance. 

These are the words you’ll need to know when actually discussing the options you have in the market.

There are four types:

• Term life insurance

• Whole life insurance

• Final expense insurance

• Universal life insurance

So let's explore them all.

• Term life insurance isn’t supposed to last forever. It’s just for covering debts, like mortgages or other large debts. 

It normally ranges from 10-30 years, and you want to consider your parent's age when you consider getting this insurance.

This is less expensive than the other types, as it is only in effect for a specific amount of time. Contact an agent if this suits your needs, as it might be the most efficient if all you’re looking at is covering the mortgage.

• Whole life insurance is something that lasts the entire life period of the insured. The premiums here are more expensive, and might not even pay a death benefit, but qualified claims are always covered for whole life insurance.

• Final expense insurance is another type of whole life insurance. It focuses on the payment of final expenses. This is often offered to individuals in the age group of 50-80. Sometimes even older. 

The rates go higher, the higher the age of the individual goes up.

The prime concern for this policy is the age of the person. It might not even require a medical exam in some cases. So, they will be asked some questions about their health, and the Medical Insurance Bureau, or the MIB, might be consulted. The death benefits are lower here, as it is intended to cover final expenses.

• Universal life insurance adds some flexibility to the policy if the cash value from investments is sufficient. Time is important for returns here. 

As always, ask an agent if you want the best policy tailored to your needs.

Remember that insurance is always the best possible option you can take today to protect yourself, your parents, and it reduces all worries in the long run. 

The best thing to do with the unknown is to plan for contingencies today. 

Making memories and living as peacefully as possible is only enabled once the hard, practicalities are out of the way, and getting your parents insurance might be the best thing in the long run for their mental health, overall happiness, and it reminds you all that they've done for you.