Are you wondering, Can I buy a life insurance policy on my adult child?
Yes, you can buy life insurance on your adult children.
As a parent of your child you have an insurable interest in your son or daughter and can purchase a life insurance policy on your children.
What is Required to Buy Life Insurance on My Adult Child?
1. Your child’s Consent,
2. Your child’s Signature on the life insurance application, and
3. Your child may have to Answer some health questions.
A term life insurance policy or permanent life insurance policy may require your child to take a medical exam.
However, you may buy instant approval life insurance online today with no health exam required, just some medical questions.
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You might want life insurance policies for your adult children in order to provide them with the financial security they would otherwise not be able to afford on their own.
While life insurance should be part of everyone’s financial plan, if needed, young adults may not be able to find room in their budget for life insurance.
You can help your kids out by paying the life insurance premiums on an affordable life insurance policy until they are able to pay for it themselves.
Protecting Your Children with Life Insurance
The process of buying life insurance on your adult children is similar to buying a life insurance policy for yourself.
As the policyholder, you choose the amount of life insurance coverage you want to purchase, you pay the premiums, and you decide who the beneficiaries of the life insurance policy will be. The beneficiary is the person who receives the death benefit if your child dies.
However, your adult child usually needs to give permission for you to take out the life insurance policy. Your child may have to sign the application and may need to answer some health questions.