My friend is asking a difficult question?

Question

My friend is asking a question, his father and mother are healthy now , they are aged about 60 and 55 respectively . currently they dont have any insurence cover , what if something happens suddenly , how can he arrange the money, where he can go for money or how can he plan from now only ,,,,,,,, but he is getting a salary of 8k to 10 k , his age is 28 how can he plan he is very much worried abt this pls give any solutions

Answer 1

he must save money rather than having an insurance cover for them

He doesnt hav to save too much a month ,,,,, only 0.5k per month will help a lot

Answer 2

His parents have made a mistake.U people dont repeat the same. .First u and ur friend get ur lives insured.God is with him to take care of his parent's health.

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Answer 3

life insurance at this age is not worth. better save for tomorrow

Answer 4

It's sad that your friends parents aren't prepared for the "unknown".  Unfortunately, it's not his problem that his parents don't have life insurance. If something happens all their stuff will probably go through probate first and any outstanding debts will be paid out of that. Most likely he'll have to sell everything they own in order to bury them.

Answer 5

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Answer 6

He can't help them since he is low income. They would need to sell assets if they run up bills they can't pay. Going without insurance risk their entire financial picture and they many not get needed medical services without prepaying.

Answer 7

If his parents are 60 and 55 and are healthy, why is he worrying about their insurance coverage? Why aren't they still working, and providing their own coverage. If they are irresponsible enough so as to not worry about their own child/children, and handle their own business affairs, it certainly is not his problem. The only part of this situation that DOES affect him is that once these folks have disappeared from the scene, someone, somehow, will have to provide for their final expenses (funeral, burial, cremation, etc). What I would do if I were him (and this is based on the assumption that he is an only child) is begin a savings account or money market fund (something that earns interest, BUT that will let you write checks), and I would designate those funds as a final expense fund for the parents. It is generally assumed that most likely they will not die at the same time.

In most areas, you could set aside $15K and provide a respectful but "no frills" service for the parents. If one service cost more than $7500, and one parent died, you could spend what it took, and then begin the process of saving for the other parent. I know this is a morbid topic, but as a licensed life insurance agent, I have seen failure to want to talk about this topic ruin many a family's finances when that time comes.

Purchasing of a small insurance policy would accomplish the same thing, but.......that would be just another bill to pay, which he doesn't sound as if he can afford. If he could squeeze out $100 month for a few years, or work a second job a few hours a week JUST to earn the money to go into this fund, he could have the fund completely established AND funded for one parent in less than 5 years, and will have incurred no other obligations in the process. Hope this works for him.

Answer 8

It is a good example

We learn lessons form past mistakes.

Instead of worrying too much - that ofcourse is useless- he should start saving money by investing a part of his income in some good insturments. So that he can provide  a secure future to his dependents.