According to a 2015 survey by the Pew Research Center, families are taking the lead role as caregivers for aging adults who need help handling their affairs or caring for themselves.

The study finds, most adults with at least one living parent age 65 or older in the US, say their parents can handle their affairs and care for themselves, but some say their parents need help. When this responsibility is with you and/or your siblings, there is much to consider.caregiver aging parent

As caregivers, our focus tends to be centered on simply meeting day-to-day needs, but what about longer term needs? Have you talked with your parents about their wishes and how their current assets will cover funeral expenses?

A conversation about planning and paying for final expenses is not one that any of us want to face. The fact of the matter is, postponing the discussion can mean dealing with financial issues in the midst of a crisis or time of grieving. Quite often, in home care support or nursing home costs can quickly drain savings and investments. If your parent does not have life insurance and the costs of care have eaten up available monies, you and your siblings may be burdened with covering unexpected funeral costs.

According to the National Funeral Directors Association, in 2014 the Median Cost of a Funeral With Viewing and Burial was $7,181, up 28.6% since 2004. Did you know? Social Security pays only a special lump-sum death payment of $255 to a surviving spouse or child, if they meet certain requirements. Get the facts on The Official Social Security Administration website

If you find yourself in a situation where you need to assist with planning and paying for these expenses, you can start by becoming more informed. The Federal Trade Commission maintains a consumer series of articles on "Shopping for Funeral Services" to help you get started.

At Great Bay Insurance Agency, our experienced agents are familiar with this process and we work with families to help them evaluate their needs. We are able to match those needs to insurance solutions to provide appropriate coverage for your specific family situation. One option is to use a Whole Life Insurance Policy to cover the cost of a funeral and associated expenses. 

Making monthly payments on a whole life policy is often a more manageable alternative to paying a lump sum up-front, or during a time of grieving, directly to the funeral home. We have also seen families get creative with cost sharing, facilitated by transfers to a joint bank account, where each sibling automatically deposits a share of the cost from their personal account, and then the premiums are automatically withdrawn from the joint account. 

Regardelss of health or age, with guaranteed issue, graded benefit products, coverage is accessible for everyone. This type of policy usually pays out a limited death benefit during the first few years, and typically requires somewhat higher premiums than a standard policy. However, these policies can be a solution for people that might have a hard time getting other types of life insurance and for those who do not want to take a medical exam or answer health questions.

GBIA LFPW 250pxl

The time to find out about your options is now. Let us help you determine the best solution for you and your loved ones. Call us at 603.743.4247. We'll arrange to meet at your home, office or wherever is most convenient for you or your family.

With each purchased final expense policy, our clients receive a free copy of our Lifetime Family Planning Workbook, a personal guide built on our 30 years' experience, to document wishes, account data and key information for making the eventual, final transition of a loved one just a bit less difficult. Client feedback tells us, our workbook serves as a valuable tool to facilitate conversations and help families better cope during this challenging process.