Talking about a loved one’s final days isn’t easy for anyone. But end of life planning  conversations are necessary – and they’re happening in record numbers.

By 2030, more than one in five Americans will be 65 or older. In response, Caring Advisor found that one-third of millennials are already planning for parental caregiving.

It can be tough for both children and parents to start a conversation about end-of-life planning. According to The Conversation Project, a campaign dedicated to helping people navigate end-of-life conversations, 92% of people believe discussing end-of-life care is important, but only 32% have done it. Having an honest conversation about life planning can give both sides peace of mind about the future and help ensure your loved one gets the golden years they deserve.

How to start the conversation

Recent research shows that 70% of end-of-life conversations only happen after a healthcare crisis. It may be tempting to put the conversation off, but delaying can lead to unnecessary costs and heartache later.

So when should you start an end of life plan for the elderly in your family? Home Instead Senior Care suggests that children begin bringing up critical life topics by the time they are 40 or their parents are 70, known as the “40-70 Rule.”

Here are a few tips to help you prepare:

• Don’t be afraid. 95% of Americans say they are willing to or want to talk about end-of-life wishes and want to discuss how to plan for end-of-life needs.
• Tell them about your own plans. Get the conversation started by bringing up the steps you’ve taken to organize your own life, like getting life insurance, granting power of attorney, or writing your will.
• Respect their wishes. Preserve their dignity and independence, and listen as they share thoughts on their medical care, like palliative care, and how they’d like to handle their finances.

If you’re the one who’s getting older, it’s important to make sure you have this conversation while you still can. Be clear about any wishes you have. It’s okay to change your mind, just be sure you communicate those changes as they happen.

Discussing life insurance

End-of-life expenses tend to raise some big question marks for families and require discussion ahead of time. Funeral costs alone can add up to $10,000 or more, and medical care toward the end of life often adds another financial burden.

For aging parents, a final expense policy can help cover these and other end-of-life costs. Because these policies offer a smaller death benefit, usually up to $40,000, final expense policies are relatively affordable. Designed for seniors to help cover end-of-life expenses, they’re also easy to qualify for, with no medical exam or waiting period for approval.

For adult children: If you have already begun, or are about to begin, an end-of-life conversation with a parent, ask them if they have a life insurance policy in place or have thought about buying one. If you’re a parent and already have insurance in place, ensure that your children know about it and will be able to access it when they need to.

Need more information about end-of-life insurance options?

Fidelity Life is here to help. Get in touch so one of our agents can walk you through the process, or start an online quote today.

At Fidelity Life, our goal is to make life insurance simple, affordable, and understandable for everyday families. This content is intended for educational purposes only. Each post is carefully fact-checked, reviewed, and updated regularly to ensure the information is as relevant as possible.