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Tips for Aging Parents

Jun 27, 2016 11:30AM ● Published by Colleen Callahan

Colleen Callahan

Meeting with clients and learning about them is one of the most fun and delightful aspects of my job. In order to advise clients on the most suitable products, it is important to get to know them. 

In many situations, products are often being purchased for the first time, whether the client is a nervous first-time parent selecting the amount of life insurance, a young adult buying health insurance, a 65 year-old transitioning to Medicare and a supplement, or an empty nester buying long-term care Insurance. Normally, when insurance is purchased the buyer is healthy. What happens when health changes? More people need to be involved.

I would like to give a few tips to those approaching the “aging parents” category. Remember, this is new ground for you and your family. Give your kids a break.  Share details with them. Don’t make them guess and don’t discount their experience and viewpoints.  If you are buying a long-term care policy, tell your children why. If you are buying life insurance, tell them why. Remember, it could be the children that are requesting forms for a long-term care claim or accessing money from a life insurance policy to pay for care. 

 I often consult with adult children regarding frail parents. The adult children want to do the best they can.  During the claim process, it is clear when parents have done a superb job of communicating with children or relatives, and it is painfully clear when parents have done a poor job.

For some of you with older long-term care policies, one insurance company has announced rate increases. You should have already received a letter. Make sure to review all of your available choices. Please don’t blindly cancel the policy because of a premium increase.  There are options.

Colleen Callahan, CLU, CASL, LUTCF

925-363-5433

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