What type of life insurance for parents in 2025 provides peace of mind? Here’s a complete summary.
Taking care of parents as they reach an age where health becomes more fragile is a significant responsibility for children. Many seek ways to provide health and financial security for their parents so they can receive the best care during illnesses or unexpected events. One popular option is purchasing life insurance.
This article will guide you through the steps and essential tips for selecting life insurance for your parents. If you’re considering life insurance for your parents in 2025, this guide will ensure you make the best and most suitable choice.
1. What type of life insurance is good for parents? What are the options?
2. Things to know before purchasing life insurance for parents
3. What is senior life insurance?
4. Can life insurance for parents reduce taxes?
5. Should you also get health insurance for parents
6. Where is the best place to get life insurance for parents?
1. What type of life insurance is good for parents? What are the options?
If you're in the process of deciding what type of life insurance is good for parents the variety of available plans might seem overwhelming. Each type has unique features and benefits. Let's first understand the different types of life insurance to determine which one suits your parents best.
Whole Life Insurance
Whole life insurance provides lifelong coverage, typically up to ages 90 or 99, depending on the plan. This type of insurance pays the coverage amount to the insured in cases of being alive until the policy matures (age 90 or 99). In case of the insured’s death during the coverage period, the insurance will pay the designated beneficiary the agreed-upon amount as per the policy.
Whole life insurance is ideal for those who want to leave a financial legacy for their family, ensuring no financial burden is left behind. Some may purchase it as a primary coverage while adding supplemental health insurance health insurance for extended protection.
Annuity Life Insurance
This type of life insurance is focused on savings to receive benefits during retirement. The insured will receive continuous payments upon reaching retirement age (either 55 or 60, depending on the policy’s terms), similar to receiving an annuity for 10-20 years or until the age of 90, depending on the conditions of the policy.
Annuity life insurance is suitable for working individuals who want to lay a foundation for their future stability. Upon retirement, the insured will have funds for living expenses, allowing them to enjoy a comfortable and secure life after work.
Example of Annuity Life Insurance
Muang Thai 9960 plan is another form of coverage for those seeking value annuity insurance while enjoying tax deductions
- Pay premiums until age 60, with coverage until age 99.
- Receive an annual annuity payment of 12% (according to policy terms).
- Choose to receive the annuity on a yearly or monthly basis.
- Premiums can be used for tax deductions of up to 300,000 Baht annually.
Savings/Endowment Life Insurance
This type of life insurance focuses on saving money for the future. It is similar to annuity insurance but differs in terms of the duration Endowment life insurance requires premium payments for a fixed period, such as 10, 15, or 20 years, depending on the policy selected. Unlike bank savings, the insured cannot withdraw funds for personal use during the accumulation period. However, they will receive the usual life insurance coverage, which will pay benefits in the event of death during the policy term.
Endowment life insurance is ideal for those who want to save for a specific goal within a planned timeframe and for individuals who want to maintain discipline in saving money.
Term Life Insurance
A very popular form of life insurance, this type provides coverage for the insured for a specific term. The coverage duration can be chosen based on personal needs, with affordable premiums and higher coverage amounts. The policy can be for terms ranging from 1 year to 30 years, with options to select coverage periods such as 10-20 years, depending on the terms of the policy. If the insured passes away during the term, the insurance company will pay the coverage amount to the named beneficiaries.
Term life insurance is ideal for those who are the primary breadwinners in their families. In the event of an unexpected death, the coverage from this insurance can help alleviate the financial burden on the family.
2. Things to know before purchasing life insurance for parents
For those who are in the process of deciding which life insurance plan to purchase for their parents in 2025, here are some additional guidelines for those unsure of where to start and how to choose the most valuable and appropriate option for their needs. You can begin with the following steps:
Assess the Need for Life Insurance for Your Parents
The first step is to assess the need for insurance by considering what you need from the insurance for your parents. Some people may need assistance with covering medical expenses, others may need a return on investment during retirement, or some may prefer a long-term insurance policy to provide coverage until the end of their parents' lives. Identify which burdens or concerns you want the insurance to alleviate and use that as your goal when considering insurance for your parents.
Consider the Coverage You Need
Once you understand the purpose of the insurance, the next step is to select the type of coverage you need. There are now many life insurance products and insurance options for the elderly available. Start by considering the specifics, such as what kind of coverage is available for a 60-year-old parent, and what the terms and conditions of the coverage are.
Choose an Insurance Plan that Fits Your Needs
As mentioned, there are a variety of life insurance plans for the elderly, and some people may be unsure which plan will best suit their needs and offer the most value. It’s recommended to compare different plans, focusing on the goals you set earlier. For example, if you're considering life insurance for a parent aged 75 or older, with the goal of providing lifelong coverage due to their age, you might choose a whole life insurance plan that covers them until the age of 90 or 99.
Since everyone’s needs are different, you can compare coverage, premium costs, and other offers using online comparison tools.
Consider the Insurance Premium
This step is crucial: the insurance premium. You need to evaluate how much you can afford to pay for the premium without straining your finances. If you're unable to pay the premium in the future due to financial issues, the policy may lapse, and you will lose the coverage.
A basic guideline for calculating your insurance premium is that it should not exceed 10-20% of your annual income, so as not to negatively affect your cash flow and normal living expenses.
Example of Basic Insurance Premium Calculation
- Mr. M earns an annual income of 300,000 Baht.
- Calculating 20% of his annual income: 300,000 x 20% = 60,000 Baht
- Thus, Mr. M's annual insurance premium should not exceed 60,000 Baht or 5,000 Baht per month to remain within a manageable financial range.
3. What is senior life insurance?
When discussing senior life insurance many people may wonder what it covers and how to choose a worthwhile plan. To clarify, senior life insurance refers to a policy designed specifically to meet the needs of elderly insureds. These can include health coverage or financial protection through life insurance benefits.
Recommended Coverage: Life Insurance for Parents
If you’re searching for a suitable life insurance policy for your parents, here’s an excellent recommendation from Muang Thai Life Assurance Muang Thai Wai Gao Koom Tua Thai (for seniors) Campaign
- Eligible for individuals aged 50-75 years
- Accident coverage
- Medical expenses coverage up to 25,000 Baht, no upfront payment needed
- Life coverage up to 3,000,000 Baht
- No upfront payment required
*For Plans 5 and 6, they are additional coverage for Personal Accident Insurance, Sabai Jai (for the elderly).
*For Plan 6, coverage starts from the 3rd policy year onward.
Senior life insurance
provides coverage until old age. Some policies offer whole-life coverage depending on the agreement. In the event of the insured's passing, the insurance pays out the coverage amount to the beneficiaries. Alternatively, if the insured survives the contract term, they receive the payout themselves.
Senior life insurance
focuses on covering medical expenses for insureds, including meidcal expenses, room fee, medication costs, and other healthcare-related expenses as outlined in the policy. The payout and coverage conditions depend on the terms of the selected plan.
4. Can Life Insurance for Parents Be Used for Tax Deductions?
Many people are already aware that insurance premiums can be used for tax deductions. However, some may wonder, "Can life insurance for parents be used for tax deductions?" The answer is yes. Taxpayers who regularly pay income taxes can claim a deduction for the the health insurance premiums they pay for their parents up to the actual amount paid, provided that the parents' annual income does not exceed 30,000 Baht for the tax year
Additionally, only biological children are eligible to claim this tax deduction. Adopted children are not eligible.
For more information > Complete List of 2024 Tax Deductions: What Can Be Used to Prepare for Tax Filing?
5. Should you also get health insurance for parents?
Typically, when purchasing life insurance for parents (or yourself or loved ones), it’s advisable to include a health insurance rider to provide additional, complementary coverage. This ensures that the insured receives more comprehensive benefits. However, if you’re purchasing other types of insurance, it can be purchased as a standalone plan.
6. Where is the best place to get life insurance for parents?
If you’re planning to improve your family’s quality of life and give back to your parents who have cared for you, buying life insurance for your parents is an excellent way to do so. But how do you decide which plan is the best fit? Here’s a recommendation for an additional coverage option from Muang Thai Life Assurance:
Muang Thai Easy Protection 99/7 Campaign
Muang Thai Easy Protection 99/7 Campaign offers lifelong protection with a short-term premium payment for peace of mind:
- Short premium payment term: Pay for just 7 years.
- Long-lasting coverage: Protection until the age of 99.
- Annual cash bonus throughout the contract.
Muang Thai Happy Life Protect 99/99 Campaign
Muang Thai Happy Life Protect 99/99 Campaign provides comprehensive lifelong protection with affordable premiums:
- Fixed premiums throughout the contract.
- Insurable age: from the age of 20–59 years.
- Long-term coverage until the age of 99.
- No health checkup required.
- High life coverage up to 1.5 million Baht.
*สำหรับแผน 4 จำนวนเงินเอาประกันภัย 1,500,000 บาท
**การแถลงสุขภาพเป็นปัจจัยหนึ่งในพิจารณารับประกันภัย /พิจารณาจ่ายเงินตามสัญญาประกันภัย
Muang Thai Wai Gao Un Jai Hai Huang (for seniors) Campaign
Muang Thai Wai Gao Un Jai Hai Huang (for seniors) Campaign is tailored specifically for seniors, offering coverage with a focus on convenience and value
- Insurable age: from the age of 50-75 years.
- No upfront payments.
- No health checkup required.
For children, purchasing life insurance for parents is not just a financial planning decision; it’s a heartfelt expression of love and responsibility. It's a way to ensure that your parents enjoy the best quality of life at every stage. If you're considering life insurance for parents in 2025, let the insights and options shared in this article guide you to make the best choice for your family.
In conclusion, a good insurance policy is not just about providing coverage; it’s a safety net during challenging times that eases financial and health burdens. It’s also one of the most meaningful gifts a child can give to their parents, offering peace of mind while expressing love and care.
Caring for and showing love to your family isn’t limited to words—it can be passed on in many forms. Let an insurance plan provide added assurance, easing worries about the future. With ShieldLife Insurance , you can lighten the burden on the day you leave your loved ones behind.
- Choose short- or long-term premium payments as preferred.
- The entry age is up to the age of 90 years.
- ShieldLife is the marketing name of whole life insurance term life, and universal life insurance
- Coverage conditions are as specified in the insurance policy.
- Underwriting is subject to the Company’s rules.
- Premium is eligible for tax deduction. Conditions are as specified by the Revenue Department.
- Please study details of coverage, conditions, and exclusions before making a decision
to purchase insurance.
For more information
☑️ Call Tel. 1766, available 24/7.
☑️ Contact life insurance agents or branches of KASIKORNBANK, and Land and Houses Bank.
Sources: Retrieved on 18/11/2567