Recently my father (age 62) surrendered the life insurance policy he owned without my knowledge. I decided to take a new one out for life insurance on him.
Life insurance at age 62 is going to be costly, depending on your father's health.
A better idea may be to put those monthly payments into a savings account that way there will be money available to provide for his burial and funeral expenses in the future.
Some people call this type of planning for final expenses becoming "self Insured". Many people do this instead of buying a life insurance policy. However, you are taking a risk of whether he will live long enough to save up enough money for the final expenses, versus actually buying a life insurance policy now that will provide the needed funds.
Also, does your father really need a life insurance policy?
He may not need life insurance if he has no dependents who rely on his income for financial support.
There are term life and permanent life insurance plans that may be available for someone over age 60. Term life will cost a lot less because it lasts for a set period of time, rather than lifetime coverage which is what permanent life insurance provides. Here's an article that explains life insurance for people over 60 to help you learn more about options for life insurance on your father.
Life insurance at age 62 is going to be costly, depending on your father's health.
A better idea may be to put those monthly payments into a savings account that way there will be money available to provide for his burial and funeral expenses in the future.
Some people call this type of planning for final expenses becoming "self Insured". Many people do this instead of buying a life insurance policy. However, you are taking a risk of whether he will live long enough to save up enough money for the final expenses, versus actually buying a life insurance policy now that will provide the needed funds.
Also, does your father really need a life insurance policy?
He may not need life insurance if he has no dependents who rely on his income for financial support.
There are term life and permanent life insurance plans that may be available for someone over age 60. Term life will cost a lot less because it lasts for a set period of time, rather than lifetime coverage which is what permanent life insurance provides. Here's an article that explains life insurance for people over 60 to help you learn more about options for life insurance on your father.
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