Issues to talk about

Once you have successfully begun a dialogue with your parents about insurance, make sure you cover all the pertinent issues. Here are some you should not miss:

• What policies do they currently have?
• What policies do they have, but no longer need?
• What policies don't they have, but need?
• What are the details of their current policies?
• Do their current policies provide adequate coverage? too much coverage?
• How much can they afford to pay for premiums?
• If there are beneficiaries, are the proper persons named? Have the proper designation forms been completed?
• Who should be responsible for paying the premiums (you or your parents)?
• Where are the policies kept?
• Who is their insurance agent?

In addition, make sure you address each type of insurance that may be important for your parents, which may include:

• Health insurance
• Long-term care insurance
• Life insurance
• Homeowners insurance
• Auto insurance
• Disability insurance (though this may not be important if your parents do not have job earnings to replace)