Can I Get Life Insurance on My Grandfather?
Life Insurance for Your Grandfather
If you have an elderly grandfather who is on a fixed monthly income you may be wondering if he has enough money saved to help pay for his final expenses.
And, you may also ask yourself if you can buy life insurance for your grandpa?
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 grandfather or grandmother’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 grandpa is 70, 75 or over 80 years old, it’s not too late to get a life insurance plan for him that can help provide funds for the family to make sure your grandpa 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 grandfather even if he has health problems, and he 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 his health.
With guaranteed coverage, your grandfather will not have to take a physical exam and he won’t have to answer any health questions.
You may choose from $3,000 up to $25,000 of life insurance on your grandpa, and the beneficiary can use the money as they choose.
If you buy life insurance on him 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 grandpa’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 on My Grandmother?
Can I Get Life Insurance on My Grandfather?
Disclosure: Compensated Affiliate