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Caring for Parents

Focus on the rewarding aspect of caring for your parents with proper planning.

Caring for parents requires careful planning. As our parents age, we want to take care of them as well as they took care of us.

But caring for parents can be a huge emotional and financial burden, especially if you have your own kids to take care of at the same time. It’s important to help your parents plan properly for their future to ensure emotional and financial security for all of you. COUNTRY Financial® is here to help you balance your need to protect what you have with your desire to build for the future.

Starting the discussion

If you’re concerned that your parents haven’t planned well for potential health and/or financial problems in their later years, it’s important to sit down with them and make plans for the future.

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Insurance Considerations

  • Long term care

    Long term care can be confusing, but you can get answers to common questions here or get detailed information on planning for long term care health needs at External Link.

    If a parent requires long term care services, it can be emotionally difficult for the entire family. It can also be a huge drain on your parents’ savings – and you may feel obligated to foot some of the bill, too. Long term care insurance can provide coverage for services that other medical plans don’t typically cover. It can provide protection not only for nursing home care and assisted living care, but for home and community care as well.    

  • Life insurance

    Do your parents have enough money set aside to cover final expenses, such a funeral and burial costs? If not, a whole life policy with a small death benefit is a good policy to consider.

  • Medicare supplement insurance (only available in IL)

    Once they qualify for Medicare, your parents should consider Medicare Supplement insurance to help pay for certain healthcare costs that Medicare doesn’t cover.

Financial Considerations

  • Retirement distribution planning

    If your parents have planned well financially, they should have several sources of retirement income to tap into. It’s important to properly plan for the best way to actually receive this income and enjoy their retirement years.  

  • Planning for heirs

    It’s important for your parents to always keep their will up-to-date and to have an appropriate estate plan in place to pass on more to their heirs. Life insurance can be one tool to help them do that. And if there are substantial assets, a trust can be a powerful tool.    

  • Know what’s where

    As we get older, there are more facets to our lives. That makes for an interesting history, but it may make for a difficult time if you’re left trying to tie all the pieces together. Putting valuable information in one place can simplify your life if your parent is suddenly incapacitated or gone. Filling out our Personal and Financial Record and storing it in a safe place can help.

Putting It All Together

Addressing the needs of a parent can be an important part of a tangible plan External Link that we’ll help you develop. Put our experience and financial strength to work for you by contacting a COUNTRY Financial representative in your neighborhood.  

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Investment management, retirement, trust and planning services provided by COUNTRY Trust Bank®. Please see our Terms and Conditions for more information about COUNTRY Trust Bank® and its affiliates.

Policies issued by COUNTRY Life Insurance Company®, COUNTRY Investors Life Assurance Company®, COUNTRY Mutual Insurance Company®, COUNTRY Casualty Insurance Company®, and COUNTRY Preferred Insurance Company®, Bloomington, IL. Coverage not available in all states. Read our full disclaimer