Our parents are the people who spent most of their years raising us to become the fine people we are today. They dedicate so much time and energy to us because that is their role, as they decided to bring us to this world.
Many people, even as adults, still rely on their parents financially. Or, in other cases, may be left with significant expenses when one, or both, parents pass away.
While life insurance is commonly used to provide money to the succeeding generation in the event that the policyholder passes away, is it possible to get life insurance for our parents? Here in this article, we will tell you if you can get life insurance on your parents.
Can I Get Life Insurance On My Parents?
The short answer to that is yes; you can get life insurance for your parents or any other consenting adult.
You can purchase a life insurance policy on your parents or other consenting adults. After they pass away, this policy can be used to cover things like final expenses, medical bills, or even estate taxes.
Having that extra insurance in place can provide some comfort to your family during this difficult time. No parent wants to be a financial burden on their children, and life insurance gives you both peace of mind that their needs will be met.
To purchase a policy on a parent, you will need their consent as well as proof of insurable interest. The type of policy you purchase will be determined by their age, financial situation, and overall health.
When it comes to preparing for the death of a loved one, having life insurance is critical.
How exactly will you purchase the life insurance you’ll need for your situation? Here is a step by step process of how to buy life insurance for parents:
Step 1: Know how much coverage is needed
Obtaining estimates from several local funeral homes can assist you in determining the final cost and providing you with an idea of which services are appropriate for you. Finally, include any debt or final expenses that your family may have, such as unpaid medical bills. You should now have a good idea of how much life insurance to purchase.
Step 2: Find the appropriate type of life insurance for your parents
Today, there are numerous types of life insurance policies available. Before selecting a policy, it’s essential to look closely at what it offers and ensure that it specifically covers the things you need to be covered. Just because a plan is less expensive on a monthly basis does not mean it is the best policy for your needs.
Step 3: Get your parents’ consent to purchase a policy and decide who will own and pay for it.
In most cases, you’ll need your parent’s permission to purchase a policy on their behalf. This consent is usually acquired by having them sign the insurance application. In some cases, a medical examination will be performed.
Here are some reasons why you should purchase life insurance for your parents:
- Paying for your parent’s caregiving
- Covering their health expenses
- Paying for their debts
- To cover their funeral expenses
- Helping them carry out their wishes
In conclusion, you can purchase life insurance for your parents.
