In today's financial climate, many Baby Boomers lack adequate savings, pushing their children to cover costs of care, funerals, and hospitalizations, raising serious burden concerns.
Those considering life insurance policies for aging parents can open one provided they have the necessary permissions, but the process varies by insurance company and individual circumstances.
It's essential to do thorough research when selecting a life insurance policy for an older relative, as costs vary significantly based on their age and health.
A growing number of adult children face the daunting prospect of financing their parents' care and final arrangements, alongside their own financial responsibilities.
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