Best Life Insurance for Parents in July 2023
“Is it better to buy an individual or joint policy for elderly parents? Can you provide an example of a situation where one is better than the other?
A joint policy is usually less expensive than individual policies. A joint policy makes sense if the need for insurance is only for estate taxes. Individual policies make sense if the need for insurance is to provide for the survivor if one spouse dies. However, life insurance is often used to protect against premature death and replace lost income. It’s not often that retired seniors obtain life insurance.”