Are You Wondering How to Buy Life Insurance for a Parent?
If so, it may be easier than you thought. Whether your parents are in the 60's, 70's or even over 80, you may be able to buy life insurance for them.
In fact, you may purchase life insurance on both of your parents. And, you can get started by applying quickly and easily online today with an "A+" rated life insurance company.
What company offers life insurance for your parents?
Top Pick – United of Omaha
United of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. You can choose $3,000 up to $25,000 of coverage. Rates start as low as $8.80 per month. There’s no medical exam and no health questions. Your parents cannot be turned down due to health problems. You can get a quote and apply online now. START HERE to get a FREE Quote.
Why Buy Life Insurance on My Parent?
Many adult children purchase life insurance plans on their parents to help with the costs of their parent's final expenses.
If you buy life insurance on your parents you can name yourself as beneficiary of their life insurance policies.
And, you can use money from the life insurance policies to help pay for your parent’s burial, funeral, casket, memorial service and other final expenses.
In order to buy life insurance on another person you are required to have an "Insurable Interest" in the person you want to insure.
Insurable Interest exists between parents and their children, spouses, family members, and business partners, among others.
Basically, insurable interest means you stand to lose financially if the person you wish to insure dies, or you rely on that person for some means of financial support.
Since insurable interest does exist between parents and their children - YES you can buy life insurance on your parent, or both of your parents.
In order to purchase life insurance coverage on your parent or parents, you may or may not need the following:
1. Your parent’s permission.
2. Your parent’s signature on the application for life insurance.
3. Your parent may need to answer some health questions.
However, there are some life insurance companies that may allow you to buy life insurance on your parent without your parent's knowledge.
Among the leaders of life insurance plans for senior parents are United of Omaha and Colonial Penn.
Life Insurance Quotes for Your Parents
Top Pick – United of Omaha
United of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $3,000 up to $25,000 of coverage. Rates start as low as $8.80 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.
Highly Recommended – JRC Insurance Group
JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote
Highly Recommended – Globe Life Insurance
$1* Buys $50,000 Globe Life Insurance for Adults