How to Get Life Insurance for Elderly Parents
Many people like you wonder if they can take out a life insurance policy on their mom or dad, or both parents. "Yes", you can buy life insurance on your parents.
You just need to demonstrate that "Insurable Interest" exists between you and your parents.
Demonstrating insurable interest in your parents is easy, because you will most likely suffer some financial loss in the event of their death.
Insurable Interest does exist between adult children and their parents.
Because your parents are most likely senior citizens, the price will be higher, buy if you compare prices from several insurers you may still find affordable rates, since pricing for life insurance policies varies by insurance company.
If your parents are in good health, without any major health problems, the cost of life insurance for them will be more affordable.
How to Get The Best Life Insurance Rates on Your Parents
Comparing rates from several different companies is the only way to make sure you are getting the most affordable rate on your parent’s life insurance plans.
And, it’s quick and easy to compare multiple life insurance price quotes from several of the leading insurance companies.
Sometimes, quotes may vary by hundreds of dollars per year when comparing pricing between two or more insurers. So, by comparing multiple life insurance quotes you can find the cheapest price and save some money.
Why You May Need To Purchase Life Insurance Policies On Your Parents
There are many reasons adult children like you choose to insure their Mom and Dad.
But, the most common reason is to provide money to pay for your parent’s final expenses, including their funeral and burial costs.
This is usually a life insurance plan with a low amount of coverage. Final expense insurance plans typically provide from $2,500 up to $25,000 of coverage and don’t require a medical exam.
In fact, most final expense life insurance policies are guaranteed issue, which means there’s no health questions asked and you cannot be turned down due to any health problems.
If your parents don’t have any life insurance or any savings to pay for their funeral and burial costs, you may want to purchase at least $7,500 of coverage for each of them, since the average cost of a funeral including related expenses is around $7,700.
No one wants to suffer the financial stress of paying for burial and funeral costs while they are mourning the loss of a parent.
You can get affordable coverage without any hassles, from a highly-rated life insurance company.
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