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  • Special insurance considerations for parents/dependent
  • January 6, 2011
  • insurance dependentsBy Wes Lind

    Children and spouses are just one group of dependents who may require cash proceeds from a life insurance policy. Age and direct ties to your family are a couple things to think about if the worst should happen to you.

    Distant relatives, ex-in-laws, foster children, and child support for any illegitimate children may also require additional streams of cash, notes Edward Graves, editor of “McGill’s Life Insurance.”

    Another thing to remember is that if you or your spouse should die, your parents may also need institutional or nursing home care down the road.

    According to a recent New York Times article from March 2010, the average cost of an elderly individual to live in a nursing home is 200 dollars per day. This can equal 73,000 dollars a year. Life insurance offers a great way to supplement resources needed to care for elderly parents.

    One way to accomplish this is through attaching a long-term care rider to a permanent life insurance policy.

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