Sunday, November 12, 2017
Where Can I Buy Life Insurance on My Parents?
Are you looking to purchase life insurance policies on your parents?
If so, you're not alone. In fact many people today choose to insure their parents for life insurance to help cover the cost of their final expenses, among other reasons.
However, there are some things you should know first before buying a policy.
You'll need "Insurable Interest" in your parents in order to buy life insurance on someone else. Insurable interest does exist between adult children and their parents.
Also, you may need your parent's signature on the application for coverage, but this requirement may vary by insurance carrier.
And, if you are finding it difficult to get life insurance for your parents due to health issues, there are even "guaranteed acceptance" life insurance policies available which means your parents cannot be turned down for coverage.
To learn more, read this article: Where can I buy life insurance on my parents?