While younger people tend to be more open about their money situation, finances have long been a taboo topic among older generations. It gets even trickier when the topic revolves around mortality and whole life insurance. Yet the devastating financial consequences of losing a partner is a discussion that cannot be avoided.
Timing is Everything
Just like with any difficult topic, it’s best to leave the conversation for the most appropriate moment. Busy days when there isn’t time to talk it through may not be the best approach. Instead, leave it for when you two can have a sit-down discussion. Other opportune times to bring up the whole life insurance topic include: after other financial or estate planning conversations, when their next birthday draws near, or even after the birth of a grandchild. When in Rome, as the saying goes!
Come Prepared
For some, dealing with the topic of whole life insurance can be quite overwhelming. Some may even avoid the subject altogether. However, coming to the conversation prepared with answers to the most common questions can help ease fears and encourage decision making. Here are a few of the most common questions.
Common Questions about Whole Life Insurance:
- Why do I need life insurance?
- What is whole life insurance versus term life insurance?
- What is the best life insurance for seniors?
- Can we afford life insurance? How much will it cost?
- How much life insurance do I need?
- How do we get a life insurance quote?
The following articles on the Americo Senior Life blog can help you begin to answer many of these questions.
- What is Whole Life Insurance?
- Guide to Senior Citizen Life Insurance
- How to Find Affordable Life Insurance
- Final Expense Insurance Explained
- Getting a Life Insurance Quote
Focus on the Numbers
Some people have no issues speaking frankly about death and money. In this case, turn to the figures to get through to them. Consider the following quick tips to guide you in your conversation.
- Approach it as a family financial plan. Discuss the financial implications if one of your paychecks were to suddenly stop.
- Bring quotes to the table. Show your partner the cost versus coverage you would receive. You may both be surprised at how affordable whole life insurance can be, even for seniors.
- Use a life insurance calculator to determine how much coverage you would need and show your process to your partner.
Practice Gentle Persistence
The reasons people avoid the life insurance topic are numerous, but beyond the complexities and numbers, discussing our own mortality is hardly a light conversation. Approaching the talk from the standpoint of what life insurance will do for surviving family members can be a powerful tactic but it should be done with care. Using guilt or blame can bring about an argument; instead, consider acknowledging their doubts and concerns. Hearing them out can go a long way towards being heard. You may even be willing to compromise.
Despite it all, you may not get through to your partner in the first few conversations. Don’t give up. Whole life insurance is an important topic that will eventually be resolved. And when in doubt, turn to the experts for help!
Simplify the Life Insurance Talk with Americo Senior Life
Sometimes you need to lean on professionals to help guide you and your partner through figuring out what is the most appropriate life insurance for you. At Americo Senior Life, our professional insurance agents are adept at simplifying the process, explaining your whole life insurance options, and guiding you through each step of the way. We have decades of experience in helping partners get the coverage they need.
Plus, we make the application process simple. You can get an instant online quote. Our 30-Day money back guarantee may also encourage your partner to test the waters before taking the leap.