As we continue to live increasingly longer lives, countless grown children have taken on the responsibility of caring for their elderly parents. Sometimes, this job includes much more than just physical and mental support — it often requires these grown children to take over their parents’ finances too.
If you are caring for an ailing elderly parent and discover heaps of their money is being dumped into a life insurance policy, what should you do?
If your parent is dealing with a major health care crisis and facing hefty medical bills, this may be the first expense you look to cut. But if your parent has had the policy for 20 years or so, they may have paid a considerable amount of money into it. Is it worth it to continue paying?
If you ever find yourself in this quandary, you have a few different options. These tips may help you decide how to handle an elderly parent’s life insurance policy. Life Insurance Policies for Elderly Relatives- To Sell or Not to Sell