Protect my Parents - Life Insurance for my Mother and Father

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As an adviser I am often asked if people should consider Life Insurance for their parents. The answer is not a simple one as every situation is different, however if there is a genuine reason for cover, insurance providers will allow people to apply for cover in their sixties and seventies.

If you or your parents have a concern then it is always worth speaking to an adviser to see if cover is required. In the modern economy there are a number of reasons why parents over 50 or parents over 60 may need Life Insurance. One example is if they still have a mortgage, be it repayment or interest only. It is unfortunate that we still see so many people with interest only mortgages and no viable way to pay them off. Life Insurance could help you and your family to pay off outstanding mortgage balances, leaving you with an asset rather than liability.

Another reason your parents might want to consider cover is if they have a large estate. If their total potential estate is over £325,000 (or £650,000 for a married couple) they could be risking leaving an inheritance tax bill to you when they pass away. A Life Insurance policy is one way of helping to mitigate this*.

If your parents have reasonable savings, no major liabilities and no dependant children then they might not need any Life Insurance. They may simply be interested in a small Life Insurance plan to ensure the family have money to pay for their funeral or cremation expenses.

Regardless of the reasons your parents might be worthwhile considering speaking to an insurance adviser regarding Life Cover to identify whether they do or do not need the insurance. At the end of the day it costs nothing to speak to somebody about cover.

If you would like to request a quote for your parents please either call us on 0800 567 7450 or alternatively request a quotation using our online quote request form.

* Cura FS do not offer advice on IHT planning but can refer you to an IFA who can help on this matter.

Alan Knowles
October 1, 2014

Categories: Life Insurance

Client Reviews

Protect my Parents – Life Insurance for my Mother and Father

"Alan and his team were great! Alan helped get me cover where my own company could not (I work in financial services too!) Would highly recommend and will come back in the future."

"Krystle was fantastic throughout and managed to knock almost 50% off my current life insurance premium."

"Leanne couldn't have been more helpful and thoughtful with her questions and work on my enquiry."

"Kathryn and her colleagues were very helpful because of my recent illness."

"Nick was my advisor, Excellent knowledge of products and what I needed, not just pushing me into a sale/policy, will always refer to him in the future."

"I would like to say a very big thank you especially to Amy you really went above and beyond."

"Annaliese was absolutely fantastic, making us both feel at ease and helping us navigate issues that had caused us problems with previous attempts to obtain insurance."