If your parents are skeptical about purchasing life insurance, you need to read this article. Here we have mentioned the best ways to communicate with your parents.
So, read further to get a clear idea.
7 Tips To Convince Parents to Get Life Insurance
If your parents are planning to retire and haven’t purchased a policy yet, you need to do something about it.
Here are some tips to convince your parents to buy an insurance policy. Let’s discuss what approach you can take.
Tip #1: Prepare for the Conversation
Before you discuss something with your parents, make sure to prepare yourself for the discussion. You need to research all the excellent insurance policies that will work for your parents.
Additionally, investigate a bit about the financial condition of your parents and determine whether they need the policy or not.
Make a list of things that you want to discuss with your parents. These include fewer savings for funeral expenses or medical expenditures, several debts, and other things.
Once you prepare your list, schedule a time to communicate your concerns with your parents. If your parents are too old, then pick a time when they are calm and relax.
Also, be sure that there is no family drama going on when you interact with your parents.
Most importantly, when you suggest the meeting, don’t keep the goal of the meeting as a surprise. Be upfront and tell them why you want to talk.
If you have siblings, make sure to involve them in this process. Keep in mind that everyone needs to be on the same page.
Tip #2: Listen to Your Parent’s Concerns
Before bombarding facts and figures on your parents, listening to their concerns and problems is important.
It’s true that you are trying to help them, but you never know, they might have better plans for their future. So, ask them why they don’t want to buy a life insurance policy.
Also, try to understand whether they have some other plans. If they have, discuss the possibilities of achieving success in their plans.
On the other hand, if your parents don’t have strategic planning for the future, start telling them about the insurance policy.
They may tell you that they don’t want to be a burden on you. In this case, discuss the choices available with them that are also affordable.
Tip #3: Be Clear, Humble, and Kind
If your parents have avoided purchasing an insurance policy throughout their life, they will most likely try to steer clear from this topic.
Of course, you will feel frustrated, but be as humble and kind as possible while communicating with them.
Sometimes parents also assume that their children are considering them as a burden.
Unfortunately, they can even think that you are judging them for their financial decisions. They become harsh, rude, and stubborn when children try to make them understand.
If this happens, you need to stay humble and calm your parents.
To avoid any conflicts or heated arguments, you need to do the following things.
- Maintain a heartfelt and open tone. This way, they will not judge your effort.
- Speak less and listen more. Make the conversation about what your parents want.
- Ask them questions like what funeral services they want to arrange? What kind of legacy do they want to leave for children?
By following this method, you can at least create an environment to communicate your views and opinion.
Tip #4: Tell Them Life Insurance Benefits
Your parents may or may not know the benefits of purchasing life insurance. They might also don’t know the different kinds of policies that they can purchase.
So, make sure to tell them all the perks of buying insurance, such as they can pay for:
- Medical expenses
- Final expenditures
- Home mortgage
You can also tell them that how this money can be beneficial for you.
For instance, you can use it to sponsor your children’s education or pay off debts. Don’t forget to discuss some additional benefits of a particular type of insurance policy.
You can discuss whole life insurance that also offers dividends to the policyholder. Your parents can use these funds to invest in other assets or investment opportunities for better retirement planning.
Tip #5: Make a Point through Facts and Figures
You need to make a point while discussing the insurance policies with your parents. Try to tell them your concerns about their funeral expenses.
You can also discuss your financial condition to let them know that you can’t afford the funeral expenses.
You can also tell them that it’s better to use the family resources on children’s education than spending on the funeral.
Do remember to tell them that they can make anyone their beneficiary if they want to give this money to a particular family member.
Tip #6: Indicate Ease and Simplicity of the Procedure
Many people, especially seniors, feel trouble getting into lengthy and complex documentation processes.
Not to mention, they also hate the idea of undergoing several tests and medical assessments to apply for insurance policies.
Of course, visiting clinics and offices regularly is hard for your old parents.
But thanks to the internet, you can apply for most of the insurance policies online. All you need to do is fill out the application form honestly on your chosen company’s website.
In addition to it, when it comes to the medical exam, not every coverage needs it. Many life insurances, such as guaranteed issue life insurance, don’t require medical records.
So, telling your elders about these things will help you solve their problems.
Tip #7: Ask for Their Advice
Once you and your parents discuss their options and concerns, and you finally get to a point where your parents are not skeptical like before, you need to ask for their advice.
We know that you have done deep research and may also have found the right option for your parents, but it’s their life, and they have the right to make the final decision.
Also, don’t forget they have more experience of life. Taking their advice will help you make the best and affordable decision.
Listening to their advice will also make them think that you respect their opinions and want to help them.
It is also important because if they apply for the insurance due to pressure, they might don’t pay for premiums in the future.
In this case, they can even lose the paid premiums. In other words, your parents need to make this decision happily.
What is the Best Life Insurance for Parents?
If your parents are near retirement or age between 40 and 85, whole life insurance is the best option for them.
This policy helps you build cash value and don’t offer you coverage for only a particular time frame. But of course, you need to pay for all the required premiums to get lifetime coverage.
Generally, depending on your company, you can qualify for insurance without a medical assessment. Even patients with chronic health problems can also apply.
It is important to note that younger and healthy people have the option to get a lower premium policy than others.
So, it’s best to purchase a policy as early as possible than buying an expensive one.
But don’t worry, if your parents are above 80, it is still the best choice to get long-term coverage and other amazing benefits.
What Amount of Coverage is Best?
When purchasing insurance for your parents, you also need to think about the amount of the death benefit. What amount of coverage is ideal varies from person to person.
To get the right idea, you need to consider your parents’ total debt and the type of funeral they wish to have.
Besides that, possible medical bills and monthly expenses are also some important factors you need to consider.
You may know that average funeral expenses are around $9,500. This is why most Americans can’t afford the best funeral services.
So, make sure to purchase a policy that can cover every possible expenditure of your parents.
If your parents only need to cover funeral services, you can also help them purchase funeral expense insurance.
As the name suggests, this policy offers money for the final expenses such as funeral arrangements, unpaid medical bills, and other things.
No matter which insurance policy your parents choose, the death benefit should be enough to give peace of mind to them and your entire family.
In a nutshell, convincing elderly parents to purchase life insurance can be the most challenging thing one can ever do.
However, staying humble and polite and sharing the benefits of the insurance can help persuade your parents to get an insurance plan.
You also need to understand the concerns of your parents and then try to resolve them so they can purchase a policy without any pressure.
The most important thing is to engage your siblings in this task so that every member of the family is on the same page.
Lastly, allow your parents to think before making the decision so they can apply for insurance happily.