The passing of an elderly loved one, whether expected or not, can leave a considerable financial burden on a family. Because of this and other reasons, many seniors choose to purchase life insurance policies. Henderson senior home care experts discuss some of the reasons your loved one may want to secure a policy.
1. Pay Off Final Expenses
Even a small funeral can cost tens of thousands of dollars, and no one wants to leave their family facing that financial responsibility. Many basic life insurance policies can be used to cover these costs. In addition to the funeral itself, your loved one might also want to consider covering final medical expenses, which could potentially become a burden as well.
2. Simplify the Inheritance Process
Not many people realize just how complicated the process of passing on assets can be until they are thrust into this unique legal situation. In addition to potential arguments among family members, those who finally receive the assets might be forced to forfeit them because they cannot pay the taxes. Your loved one can craft a custom policy that covers estate taxes as well as legal fees for a mediator.
3. Pay Off Debt
If your loved one has a large amount of debt, family members who have their names attached to vehicles, mortgages, or financial accounts could be responsible for these debts after he or she passes away. Smaller policies that only cover specific forms of debt can be affordable no matter your loved one’s age or health. Your loved one should speak with a financial adviser to see if any debt will be passed on.
4. Donate to Charity
Any private or public party can be listed as a beneficiary, including nonprofit organizations. Some policyholders have life insurance specifically to help them meet their philanthropic goals after they pass away. This is an excellent option if your loved one would like to donate money to a particular organization but doesn’t have a large nest egg saved up.
Some seniors also use life insurance to help pay for their in-home care services. If you and your loved one would like information on how this works, reach out to Home Care Assistance. We are a leading provider of live-in and part-time care in Henderson, NV, and we also offer comprehensive stroke, Parkinson’s, and dementia home care Henderson seniors can count on. For more information on our elderly care services, call one of our knowledgeable Care Managers at (702) 527-7723 to schedule a no-obligation consultation.