Buy Life Insurance on Elderly Parents
Are You Wondering If You Can Buy Life Insurance on Your Elderly Parents?
If so, it may be easier than you think.
Actually, in order to purchase life insurance for your parents, you may need the following:
- Your parent’s permission.
- Your parent’s signature on the application for life insurance.
However, there are some insurance companies that may allow you to buy funeral expenses life insurance on your parents without notifying your parents.
Top Pick – Mutual of Omaha
Mutual of Omaha offers guaranteed acceptance life insurance for people age 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. Your parents cannot be turned down if they meet the age requirement. You can get a quote and apply online now. START HERE to get a FREE Quote.
- Your life insurance policy comes with a 30 day Risk-Free, Money-Back Guarantee
In addition, in order to buy funeral life insurance on someone else (your parents) you are required to have an "Insurable Interest" in the person(s) you want to insure.
Insurable Interest Exists Between:
- Parents and their Adult Children
- Spouses
- Family Members
- Business Partners
How Insurable Interest Works
Basically, insurable interest means you stand to lose financially if the person you wish to insure dies, or you rely on that person for some means of financial support.
Insurable interest does exist between parents and their children - YES you can buy life insurance on your parents.
Why Should I Buy Life Insurance on My Parents?
If you buy life insurance on your parents you can name yourself as beneficiary of the insurance policies.
Many adult children choose to purchase life insurance policies on their parents for the following reasons:
- To Pay for Parent’s Final Expenses – Funeral and Burial Expenses
- To Pay Off Parent’s Hospital Bills
- To Pay Off Parent’s Credit Card Debt
- To Leave Money for Your Parent’s Grandchildren – College Education
- To Pay off Parent’s Home Mortgage Loan
Which Insurance Companies offer Life Insurance for Older Parents?
There are many life insurance carriers that offer senior life insurance plans you can purchase on your parents.
Some of the Leading Providers of Senior Life Insurance Plans include:
- Mutual of Omaha
- Colonial Penn
- AARP/New York Life
- AAA Life
- AIG
- Gerber Life
How Much Life Insurance Do I Need for My Parents?
It really depends on what you want your parent’s life insurance policy to accomplish.
The average cost of a funeral and related final expenses is around $8,000 according to recent surveys of funeral expenses in the USA.
Common final expenses usually include the cost of a funeral, burial, casket, memorial service, flowers, hearse, burial plot, headstone, and transportation, among other things.
Is a Doctor’s Exam Required for Elderly Life Insurance Coverage?
No, these funeral and burial plans are Guaranteed-Issue for anyone who meets the age requirements. There is no physical exam required, and no questions asked about the health of your elderly parents.
Age requirements for acceptance vary by insurance company.
Some life insurance companies offer guaranteed approval policies for people ages 45-75, 40-80, or even ages 45-85.
What If I Change My Mind?
Every life insurance policy comes with a Free Look Period which is required by the Department of Insurance in your state. The length of time of the Free Look depends on the state in which you live and the insurance company.
However, free look periods usually last for a duration of 10, 15, 20, or 30 days.
If you decide you do not want your insurance policy you may return it to the insurance company within the Free Look Period for a full refund of all premiums paid – so there is No Risk.
Life Insurance Quotes for Elderly Parents
Top Pick – Mutual of Omaha
Mutual of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. Your parents cannot be turned down. You can get a quote and apply online now. START HERE to get a Free Quote.
- Your life insurance policy comes with a 30 day Risk-Free, Money-Back Guarantee
Can I Buy a Life Insurance Policy on My Adult Child?
The Pros and Cons of Life Insurance for The Elderly
Guaranteed Issue Life Insurance for People over 70
Life Insurance for Seniors Age 50 to 85
Buy Life Insurance for Elderly Parents
Disclosure: Compensated Affiliate