As a way to take action, ask yourself this important question: What might happen to your financial future if your elder liveds longer than expected?
If someone doesn’t have a will (is intestate), the state will divide his or her property with no regard for the family’s special needs. The state will select heirs, leave unnecessarily large bequests to the tax collector, and will charge for services.
Insurance coverage for a longer life
- People often purchase insurance as one service, without adequate information
- Your elder’s insurance needs may have changed since the purchase of the policy
- The most important protection you can have against accidents is knowing how to avoid them
If it has been more than one year since your elder’s insurance policies have been reviewed, now would be a good time to check to see whether he or she has too much or too little protection.
Local agency on aging also can offer family members the names of insurance advisers who advocate the special insurance needs of elders.