It does not matter if your parents in Wayzata, Minnesota live 10 minutes or 10 hours away from you. As a concerned son or daughter, you want to do all you can to help them out and make sure they have a comfortable life. One of the ways you can help is to make sure they have the right kind of insurance to protect them against future risk.
If your parents are still driving and own their own home, they probably already have an auto insurance policy and a home insurance policy. They may or may not have a life insurance policy. If your father bought a whole life policy years ago, when you were just a baby, it will most likely cover your mother and you or your siblings may also be named as beneficiaries on the life insurance policy.
When your parents are at a stage in their lives when all the children are grown and out on their own, there is almost no good reason for them to invest in a new life insurance policy. On the one hand, because of possible health issues and their age, it may be difficult or impossible to find an insurance company that will offer them a life insurance policy. Even if they were able to find a guaranteed life policy that does not require you to answer any health-related questions, or take a physical exam, the cost would be very high and the coverage very low.
If the goal for your parents is to have enough income in case one spouse should pass away, insurance, at this advanced stage in life, is usually not a good financial investment. As your independent agent, we would be happy to advise you on the most suitable time to purchase life insurance. Your parents may be better off investing in a long-term care policy, or focusing on financial investments to increase their monthly income.