It might sound a little heartless, taking out a life insurance plan on my parents now that they’re old – but that couldn’t be further from the truth. We like to think that our parents will be healthy and live forever, but that is not true. Our parents will all die eventually, whether it’s suddenly from a stroke, heart attack, or accident or over a longer period of time from cancer or atherosclerosis. All of these possibilities come with the potential for enormous medical expenses, which I know that I would feel obligated to pay no matter how outrageous – I would even mortgage my own home.
As a result, I know that I’ll need some financial relief after taking care of my parents end of life medical and funerary expenses. That’s why I took out a life insurance plan for them (thanks to lifeshieldhq.com), not because I plan to make a big jackpot and cash in after they die, but because I need to stay financially solvent and stable for my own kids, so that I can keep up the quality of life that they know and love and so that I can continue to support them through college.