I opened a file last month from a family in Warwick. They’d paid for a semester at URI and were about to write a check to a funeral home.
The Caregiving Reality in New England
Here in Rhode Island, where multi-generational households are woven into the state’s fabric, those national numbers feel close. 63 million Americans—nearly 1 in 4 adults—provided ongoing care for an adult or child with a serious health condition in the past year, up 20 million since 2015 (AARP, Caregiving in the US 2025).
That’s 63 million people missing work, postponing their own families’ needs, and quietly draining savings. And it’s not just a statistic; it’s your neighbor, your coworker, maybe you.
Nearly half of family caregivers have taken on debt or stopped saving because of caregiving costs. An uninsured death can turn a tough year into a full-blown financial crisis.
The Financial Squeeze You Can’t Budget Away
Family caregivers spend on average about $7,200 a year out of pocket, roughly 26% of the typical household income (AARP 2025). That’s groceries, medical co-pays, home modifications, and transportation—all the invisible costs that don’t show up on a bill until you add them up.
And the pressure is mounting: nearly half of family caregivers have taken on debt or stopped saving because of those costs (AARP 2025). For a generation already trying to fund college and retirement, that’s a dangerous slide.
Life insurance can cover final expenses, but it won’t repay the years of unpaid care or ease the daily stress of the sandwich. It’s a targeted financial tool, not a solution to all caregiving strains.
When an Uninsured Death Becomes a Cliff
Nearly 1 in 3 family caregivers are also raising children under 18 (AARP 2025). That’s the sandwich in the sandwich generation—pressures from both sides. Now imagine an aging parent without life insurance who passes away unexpectedly.
Funeral costs often land in the same range as that annual caregiving spend—but they are due all at once. The same $7,200 that trickled out over a year can be demanded in a week. For families already stretched, it’s the type of shock that empties emergency funds and piles on high-interest debt.
A Buffer That Costs Less Than You Think
A small final expense policy on a parent can act like a fire extinguisher—you hope you never need it, and you’re grateful it’s there when the alarm sounds. In many cases, premiums are manageable even on a tight budget, and the policy can cover burial costs, small outstanding bills, and a little breathing room.
I’ve sat with families who assumed coverage was out of reach, only to find a plan that fit. Every situation is different, but the first step is simply looking.
Last summer I sat with a client, a schoolteacher from Cranston, who was paying her father’s rent and her daughter’s college tuition. She had nothing left for her own retirement. We set up a small burial policy on her dad. Six months later, when he passed, the policy covered the funeral. She told me it was the only bill that didn’t keep her up at night. That’s the kind of buffer I’m talking about—not a jackpot, just a little less weight.
Questions people ask
Can I purchase a life insurance policy on my parent without their involvement?
In Rhode Island, you generally need your parent’s consent and signature, as well as a demonstration of insurable interest. They’ll usually need to answer health questions or take a medical exam, depending on the policy type.
How much life insurance is enough for final expenses?
A common starting point is enough to cover funeral costs, any lingering medical bills, and a small buffer for unpaid caregiving expenses. I typically walk families through their actual out-of-pocket figures and let that number guide the conversation.
What if my parent has health issues?
That doesn’t necessarily rule out coverage. Some plans are designed for seniors with common conditions, but approval and rates depend on underwriting. We can look at what’s realistically available.
Let’s Look at the Numbers for Your Family
If you’re raising kids and helping a parent, I can walk you through what a buffer policy looks like—no pressure, just plain talk. Reach out for a free, no-obligation review.
Call Omar: 401-287-2737 →Life Catlin Insurance is an independent brokerage. This is general education, not a guarantee of coverage or price; rates depend on age, health, and product. Omar Catlin, Licensed Insurance Broker, North Providence, RI.