Getting life insurance as a grandparent—or getting life insurance for parents, isn’t like it used to be. Back in the good old days, once you hit retirement you were usually able to depend on a quality pension combined with social security benefits to be sure that a loved one would be protected long after you were gone.
But that just isn’t the case anymore. Every day it seems like more and more pension funds are being dissolved, corporations, cities and states are declaring bankruptcy in an effort to reduce retirement benefits, and who can honestly say what is going to happen to social security in the future?
This is why the sound advice that one’s “insurance needs” generally go down as we age may no longer be as true as it once was!
So what type of life insurance does a grandparent need? That is a great question and the truth is, there is no one size fits all answer.
Life Insurance For Grandparents
More U.S. Children Raised by Grandparents
What if you find yourself needing to become the primary caretaker to your grandchildren? Over the past 40 years, the share of U.S. children living in a grandparent’s household has steadily climbed from 3% in 1970 to over 7% in 2010. This 7% represents over 5.4 million children, with nearly half of them reporting that it was their grandparents who were their primary care provider!
Long gone are days of one working parent and one stay at home mom or dad. In today’s reality, children are lucky if they have both parents still living in the same household! Which is why it seems like more and more of the responsibility of raising today’s youth is falling on those looking forward to their retirement, i.e. grandparents!
Is this fair? Of course not, but the problem with being a responsible adult is that it becomes more difficult to turn one’s back on their family, especially when they are not old enough to fend for themselves.
As a Grandparent, can you honestly say that you have enough life insurance in place to take care of your grandchildren if suddenly you are now their primary care taker? If the answer to that question is no, you really need to give JustBuryMe a call.
Final Expense Life insurance for Grandma or Grandpa
If you do not need life insurance to protect your income but are more concerned with covering your final expenses or burial costs, then you should consider a simplified issue or guaranteed issue life insurance policy.
Can I buy life insurance on my grandparent?
The Real Question Behind “Can I buy life insurance for my grandparent?”
We’ve found that most of the time when we’re asked, “Can I buy life insurance on my grandparent?”, the person is asking the question because their grandparent just won’t seem to get life insurance on their own.
It may be due to reasons such as:
- They don’t think they need it,
- They don’t like doctors,
- They don’t trust insurance companies, or
- They think it’s too creepy to talk about how the will one day die.
And the truth is, people will make up a million different reasons to avoid buying life insurance. But that doesn’t change the fact that one day, everyone, including your grandma and grandpa, will die.
Fact: 100% of all Americans will eventually die, of those, only 52% will have life insurance in place.
So by asking “Can I get life insurance on my grandparent?” what one is usually asking is:
“Can I get life insurance on my grandparent without him or her taking an active role in the process?”
Short answer: Yes.
Complete answer: It depends.
“OK, so tell me how can I buy life insurance on my grandparent?”
Let’s just assume that your grandparent is OK with you getting life insurance on him or her. He or she is OK with it, but he or she is just not going to go out of his or her way to make it easy for you or the insurance company.
In our experiences, we’ve found that if you can:
- Eliminate the need for a complete medical exam,
- Allow everything to be completed over the phone in just a few minutes, and
- Get rid of the long approval process, even the most stubborn applicant can be persuaded to get insured!
What if my grandma or grandpa isn’t willing to pay the premium?
This happens all the time. Getting life insurance on a grandparent might be hindered by the fact that grandma or grandpa does not have the funds or does not agree to pay for the life insurance. A solution is that a family member will often pay the premium for another loved one just so that they can be sure that the policy remains in effect. At times the initial premium payment may need to be paid from an account with grandma or grandpas name attached. However, after the initial premium payment you can usually change the payment method and switch to an account in your name.
JustBuryMe is an insurance agency that focuses entirely on burial and final expense insurance, period!
Our primary goal is to help you secure the coverage necessary so that you can get on with your life with the peace of mind knowing your family will not be left with unnecessary financial hardship due to your advanced planning.
Give us a call today. We are here to serve!