Continuing with the information I have been sharing with you regarding the preparation for the possible incapacitation of a parent(s), I want you to sit down and have an honest conversation with your parent(s) if you haven't already. Please ask them if they have life insurance. If your parent(s) have retired, they may not have life insurance anymore.

Some people assume they do as part of their retirement benefits or that the life insurance benefits they had when they worked carry over into their retirement, in many cases they do not.

I cannot tell you how many people have contacted me to find out how they can obtain life insurance for a parent who is 70 years or older. Most people do not communicate until someone gets sick, it could be too late. The older you get, the more life insurance costs because of age and potential health related issues.

Do not assume if your parent(s) have life insurance that it is enough to cover any remaining medical bills, mortgage, etc. Some people only have enough to be buried, which is about only $10k.