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Taking Care of Mom and Dad: Life Insurance and Annuities Conclusion

As a son or daughter, finding out if your parents have a life insurance policy is the first step. Knowing how it can be used to provide some financial security should one or both of your parents die, is second. It's often an unnecessary expense to purchase one if your parents already have a nest egg large enough to support the family in the event of a death. However, if your parents have a particularly large nest egg -- at least $1 million, which could generate estate taxes -- then it's probably worthwhile to look into purchasing some insurance.

The goal for parents is to have enough money that it outlives them, allowing them to, in the least, live a good life until the end, or, better yet, leave something behind for their survivors. Life insurance is sold in various packages by many insurance companies.

If you log onto AARP's Web site (www.aarp.com), you'll notice that the organization that specializes in promoting the health and wellbeing of retired Americans promotes New York Life's products. But there are many options when it comes to policies so don't let one company be your last stop. Compare prices and benefits, plans and stipulations. Gauging how long your parents will live isn't an easy thing to do; picking out the best policy for the best price to ensure their future is relatively easier.

In the next chapter, I'll give you strategies for helping your parents find the resources for living out the rest of their lives. Some of these strategies we've already begun to discuss, like annuities. I'll take a closer look at these as well as how your parents should begin to view money, their assets and their spending habits.

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