As an only child I knew caring for my parents would be a responsibility that would eventually fall to me. Knowing this, I talked to my parents early on about Life Insurance and Critical Illness Insurance to let them know how helpful it would be to me as the one responsible for caring for them. My father was reluctant at first, but in the end, he saw how much it would ease my stress about money if he had Critical Illness Insurance. That way, the insurance could cover things like getting a medical bed or installing a ramp. And I could use their Life Insurance to pay the debt from their medical bills and funeral expenses.
My father took out Life and Critical Illness Insurance policies for himself and my mom when he was employed. He decided to keep just his Life Insurance after he retired by converting his coverage to an individual plan.
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The content on this page serves as an example of a life event, meant for context and consideration when thinking about adding insurance to your portfolio. It is not meant to be taken as a recommendation and we always suggest you seek the advice from a licensed insurance advisor when making important insurance decisions. Products are offered based on plan availability, applications are subject to review, and claims are paid out on approval and are not guaranteed.