Yes, you can buy life insurance for your parents per some guidelines:
1) If you are going to own the policy for your parents, you can get a small policy to be used on final expenses. If you want to own a policy on them for a larger amount, you must show that you contribute to their lives financially (e.g. they live with you) or more so, that you would suffer financial loss if they would die (e.g. you live with them).
2) If you are going to just pay for the policy and they will own their own policies, you can buy them as much as they qualify for financially. The face amount will be based on their income, net worth, and age.
3) They will need to sign their own life insurance applications, showing their agreement to the policies you are purchasing for them.
Many kind hearted and responsible people buy life insurance for their parents so that they have the assurance that there we will money to give them a decent sendoff, and without financial stress. A good place to start is to go to a website that sells Senior Life Insurance.
That is a great question! You certainly can, if you can do three things: First, they have to agree, and understand what you are asking them to do. Secondly, they have to sign off on it, as it is a legal document. Lastly, you have to be able to show the insurance company that there would be a loss to you should your parents pass. That is usually the easy part. I hope that helps, thanks for asking!
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1) If you are going to own the policy for your parents, you can get a small policy to be used on final expenses. If you want to own a policy on them for a larger amount, you must show that you contribute to their lives financially (e.g. they live with you) or more so, that you would suffer financial loss if they would die (e.g. you live with them).
2) If you are going to just pay for the policy and they will own their own policies, you can buy them as much as they qualify for financially. The face amount will be based on their income, net worth, and age.
3) They will need to sign their own life insurance applications, showing their agreement to the policies you are purchasing for them.
Many kind hearted and responsible people buy life insurance for their parents so that they have the assurance that there we will money to give them a decent sendoff, and without financial stress. A good place to start is to go to a website that sells Senior Life Insurance.