Can I get life insurance on my parents?
Most people shopping for insurance know that they and their spouse can take out a policy, naming each other as the beneficiary and providing protection in the event that either of them dies. But fewer people are aware of the fact that you can take out life insurance on parents.
Getting life insurance on parents may be a good idea for some people; it all depends on your situation. If, for instance, your elderly parents support you financially in some way, you may be able to take out an life insurance policy on them. Or, if you know that you would struggle to pay for funeral expenses in the event that they die, you may also have a good case for getting life insurance on parents.
The first step is to contact a licensed insurance agent to learn more about the ins and outs of such an insurance buying process. It isn’t necessarily as straightforward as it is to purchase a life insurance policy for yourself, as you have to be able to show insurable interest to the insurance provider. This is where you prove that you will likely suffer some sort of financial loss if and when your parents do die. Having an insurance agent who knows this process on your side will undoubtedly save you time and money.
From there, you can receive insurance rates from a variety of different companies and compare them to make the best possible decision. Because there’s a good chance your parents are elderly if you’re looking into life insurance on parents, you may pay slightly more for your premiums. With that being said, if your parents are in good health, generally speaking, you should still be able to find an affordable rate.
Look into buying life insurance on your parents today. It could be just the insurance solution you’ve been searching for.