Can I Get Life Insurance on My Parents?

Yes, adult children may purchase life insurance policies on their parents.

In order to get a life insurance plan on someone else you need to have an insurable interest in that person - meaning you either rely on the person for some means of financial support, or that you would suffer financially if the person were to pass away.

There does exist insurable interest between children and their parents, as children may pay for their parent's burial and funeral costs, or perhaps rely on their parents for financial support.

And, there are guaranteed issue life insurance plans for seniors, so you won't have to worry if your parents have health issues or would rather not take a health exam.

Guaranteed life insurance requires no health exam and no health questions asked. And, people age 45 to 85 are guaranteed approval with some insurers.

Learn more about how to buy life insurance for a parent.