How to age gracefully, or how do the elderly transition into retirement?
February 7, 2013 12:19 PM Subscribe
As I assist my recently retired parents, I'm finding I know very little about the practical parts of traversing this phase of life. How do I help them manage their financial future, particularly with life insurance? I've read previous posts but special *elder* snowflake..
posted by loquat to work & money (5 answers total) 2 users marked this as a favorite
Both parents have recently retired and I've helped them with retirement accounts, COBRA, etc. The most baffling part of the process has been trying to maintain their life insurance coverage. We met with the insurance company to discuss converting the coverage they had through work to an individual policy but their "suggested" course was whole life insurance with extremely high monthly premiums for low pay-out ($600/mo. for $100k). Is this typical?
My parents are in great health, do not smoke, but as "old" people, seem uninsurable at affordable rates. How do people retire from jobs and maintain coverage? Because shopping around at 60+ for life insurance seems financially ruinous for those on a fixed income. I'd appreciate hearing how other older people have managed their life insurance or even if others have dealt with similar situations. As a younger person, my life insurance needs are quite different so it's been difficult to know how to proceed, who to trust and where to go for answers. Here I am, asking for your help. Thank you!