Can I Buy Life Insurance for My Grandmother?
Life Insurance for Your Grandmother
If you have an elderly grandmother who is on a fixed monthly income you may be wondering if she has enough money saved to help pay for her final expenses.
And, you may also ask yourself if you can buy life insurance for your grandma?
The answer is "YES", you can.
Many adult grandchildren purchase life insurance plans for their grandparents to make sure there is no financial stress in paying for their grandmother or grandfather’s funeral and burial expenses.
Did you know the average cost of a funeral and burial related expenses is around $7,700?
It may be a lot more than you expected. When you add up the cost of a funeral, memorial service, burial plot, headstone, flowers, and casket it can easily exceed $7,000.
That’s why it’s important to plan ahead.
Whether your grandma is 70, 75 or over 80 years old, it’s not too late to get a life insurance plan for her that can help provide funds for the family to make sure your grandma has the dignity of a nice funeral and burial.
In fact, there are even guaranteed approval plans available which means you can get life insurance on your grandmother even if she has health problems, and she cannot be turned down for coverage.
These plans are called "Guaranteed Acceptance" and they will accept anyone who meets the age requirements.
Some insurance companies provide guaranteed approval for people ages 45 to 85.
And, there’s no hassles of a medical exam or having to answer questions about her health.
With guaranteed coverage, your grandmother will not have to take a physical exam and she won’t have to answer any health questions.
You may choose from $2,000 up to $25,000 of life insurance on your grandma, and the beneficiary can use the money as they choose.
If you buy life insurance on her you can name yourself as the beneficiary, or someone else, and the beneficiary would receive the death benefit proceeds from the insurance policy upon your grandma’s passing.
The proceeds from the life insurance policy are free from federal income tax.
Life Insurance Quotes
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. You 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
Highly Recommended – Met Life
MetLife offers guaranteed acceptance final expense life insurance for people age 45 to 75. Choose $2,500 up to $20,000 of coverage. Rates start as low as $10 per month. There’s no medical exam and no health questions. You cannot be turned down.
Can I Buy Life Insurance for My Grandmother?
Disclosure: Compensated Affiliate