To buy life insurance for your parents, I suggest that you first sit down with them and discuss the prospect of buying life insurance. You may need to speak from your heart, explaining that you worry how you are going to be able to give them the send off they deserve when their lives end. Keep in mind that they may be embarrassed if they cannot afford to buy life insurance for themselves. Or they just may find it too painful to think about. With a loving approach and clarification about who is paying for the policy, this conversation will pave the way for a smooth purchase.
When you are ready to shop, be sure to get the list of medications your parents take, their health history, height and weight, and other relevant information. Then you can call websites that offer Senior Life Insurance. Most people who are buying life insurance for their parents get a policy that does not require an exam. For final expenses such as funeral, you will want a permanent policy that is sure to be in effect when your parents pass away. You also want to get one where the price is locked in, so that it does not become unaffordable as they age.
Applying will require that they sign the app, and they may need to do a phone interview. Most people choose to have the premium drafted when approved, so that the policy goes into effect within a very short time.
President, Lane Independent Agency, Southern California
You can buy life insurance for parents, but only with their permission. You need an insurable interest, but as your parents, you very likely have one. Some financial connection is sufficient. They will need a medical exam, except for low coverage guaranteed policies. If they pass, they can obtain the coverage, with you as beneficiary, or anyone else. Thank you. GARY LANE.
That is a great question! It speaks well of you, that you are concerned enough for them to be willing to buy their policies for them. The first step is to make sure that they are willing to allow you to do it. If they do not willingly sign the applications, and understand what they are signing, the policies won't be issued, or there will be serious issues when you go to file the claims. If they are good with it, find an agent that can help you find a policy that best suits their health, age and financial needs, and your budget. Good luck, and if you would like help, feel free to contact me. Thanks for asking!
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When you are ready to shop, be sure to get the list of medications your parents take, their health history, height and weight, and other relevant information. Then you can call websites that offer Senior Life Insurance. Most people who are buying life insurance for their parents get a policy that does not require an exam. For final expenses such as funeral, you will want a permanent policy that is sure to be in effect when your parents pass away. You also want to get one where the price is locked in, so that it does not become unaffordable as they age.
Applying will require that they sign the app, and they may need to do a phone interview. Most people choose to have the premium drafted when approved, so that the policy goes into effect within a very short time.
It is a good thing you are doing. Best wishes!