Life Insurance on Mom and Dad, What Do They Have?

Enjoying Retirement

Ever wonder if your parents have life insurance? It’s almost a taboo conversation that most parents would never talk about. It was interesting two Christmas holiday’s ago when my father pulled my older brother and me aside, to show us where he keeps his “important” documents. We never really dug in deeper than that to see what was in the folder, but the thought of life insurance did cross my mind.

Flash forward two years later and my mother is failing in a nursing home with dementia. Watching the changes in her health and how this horrible disease ravages the mind, I’ve accepted the fact that she won’t be with us into her late 80’s. It’s a sad fact that most dementia patients, once diagnosed, have an average life span of about 5 years. While this will still give my mother a full and long life lived, it still breaks my heart that her life will be cut short because of this disease. Then I thought, does she have life insurance?

The reality is, probably not. My father took care of her and us her whole life. She never worked except for part time jobs once we were grown. I would imagine since she didn’t work he never felt the need for her to have life insurance.

In an odd twist of fate, I actually know more about my in-laws than my own parents, when it comes to life insurance. Luckily my wife is the strongest of the three children in her family, and definitely the most organized when it comes to life issues. So when this topic came up, we dove right in to discuss it with them and their intentions. They’re already in their 80’s and based on their health could easily live into their 90’s.

So, my intention here is to encourage everyone to have that conversation with your parents. It’s never a fun topic, but a necessary one. One of the worst situations I’ve ever encountered is a son who is in charge of his father’s estate and he knew there was life insurance, but will never collect on it because they never had the conversation about where his “important” documents were.

Take the time to sit down with your parents to review their finances. Should they not have life insurance, it is never too late. 

About the author: Mark Yurkovic has been in the life insurance business for over 12 years, and holds CLTC, LUTCF, and CES designations. He enjoys building remote control boats, and playing instruments including the piano, guitar, banjo, and mandolin. Mark would love to discuss life insurance options and work towards finding the best policy fit for your family. You can contact Mark at 1-800-651-1953 or