Life Events

Caring for Aging Parents
Life Insurance
If your parents don't have life insurance, they may no longer qualify for it or be able to afford it. If you provide financial support for your parents, you should consider a life insurance policy of your own that names your parents as beneficiaries for additional protection against your premature death. However, if they have a life insurance policy with an accelerated death benefit rider, and they should become chronically or terminally ill, they can generally receive a portion of their death benefit to help them and your family through a difficult time.

Long term care insurance—another way to care for aging parents.
The likelihood that either you or someone in your family may need long term care because of a prolonged illness or a disability increases as life expectancy increases. Most long term care expenses are not covered by Medicare, Medicare Supplement (Medigap) or private health insurance. Medicaid does pay for nearly half of all nursing home care, but you must meet federal poverty guidelines and may have to "spend down" most of your assets on health care.

Long term care insurance policies can help you preserve your assets. You should consider a long term care insurance policy not only for yourself, but also for other family members including your spouse or your parents.
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