Affordable Life Insurance Protection for Your Family

Can I Buy Funeral Insurance for My Parents?

Are You Wondering If You Can Buy Funeral Insurance on Your Parents?

Can I Buy Funeral Insurance for My Parents?

If so, it may be easier than you think. 

Actually, in order to purchase life insurance to pay for funeral expenses of your parents, you may need the following:

  1. Your parent’s permission.
  2. Your parent’s signature on the application for life insurance.

However, there are some insurance companies that may allow you to buy funeral expenses life insurance on your parents without notifying your parents.


Top Pick – United of Omaha

United of Omaha offers guaranteed acceptance 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. Your parents cannot be turned down if they meet the age requirement. You can get a quote and apply online now. START HERE to get a FREE Quote.

 

In addition, in order to buy funeral life insurance on someone else (your parents) you are required to have an "Insurable Interest" in the person(s) you want to insure.

Insurable Interest exists between:

  • Parents and their Adult Children
  • Spouses
  • Family Members
  • Business Partners

 

Insurable Interest Explained:

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.

Insurable interest does exist between parents and their children - YES you can buy funeral insurance on your parents.

 

Why Should I Buy Funeral Insurance on My Parents?

If you buy life insurance on your parents you can name yourself as beneficiary of the insurance policies. And, you can use some of the money from those insurance policies to pay for your parents’ funeral, burial and other final expenses.

 

Which Insurance Companies offer Funeral Insurance for Your Parents?

There are many life insurance carriers that offer senior funeral insurance plans you can purchase on your parents.

Some of the leading providers of senior funeral expense plans include:

  • United of Omaha
  • Colonial Penn
  • AARP/New York Life
  • Gerber Life
  • Foresters
  • AAA Life
  • AIG

 

How Much Funeral Insurance Do I Need for My Parents?

The average cost of a funeral and related expenses is around $8,000 according to recent surveys of funeral expenses in the US.

These final expenses include the cost of a funeral, burial, burial plot, headstone, casket, memorial service, flowers, hearse, and transportation, among other things.


Is a Physical Exam Required for Funeral Coverage?

No, these funeral plans are Guaranteed Issue for anyone who meets the age requirements. There is no physical examination required, and no questions asked about the health of your parents. 

Age requirements for acceptance vary by insurer. Some life insurance companies offer guaranteed issue funeral policies for people ages 45-75, 40-80, or even ages 45-85.


What If I Change My Mind?

Every life insurance policy comes with a Free Look Period which is required by the Department of Insurance in your state. The length of time of the Free Look depends on the state in which you live and the insurance company.

However, free look periods usually last for a duration of 15, 20, 30, or even 60 days

If you decide you do not want your insurance policy you may return it to the insurance company within the Free Look Period for a full refund of all premiums paid – so there is No Risk.

 

Funeral Insurance for 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. Your parents cannot be turned down. You can get a quote and apply online now. START HERE to get a Free Quote.


 

Can I Buy Funeral Insurance for My Parents?

 


Disclosure: Compensated Affiliate