You can take out life insurance on your grandparents on your grandparents under certain conditions. You will need their permission and you will need insurable interest. Insurance companies require that there be insurable interest before they will issue a policy. Essentially what it means is that you need to demonstrate that you would suffer financially form their death.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
President, Lane Independent Agency, Southern California
Yes, I can get you life insurance on your grandparents, assuming they are in reasonable health, and are informed of your desire. You can purchase life insurance on any person with whom you have an insurable interest, such as love, friendship, business dealings, etc. The amount and their health will determine the price. Thank you. GARY LANE
That is a great question! You can, as long as they are able and willing to agree, and sign the applications. You also will want to be sure that they will qualify for whatever health and age restrictions may apply with the company that you are applying with. Find a good local agent who can help you with the right policy. Thanks for asking!
You can take out life insurance on your parents if the reason is other than financial gain. The amount that can be taken out will be based on the income and net worth of your grandparents, whether they are medically insurable (although even terminally ill grandparents can get small amounts of guaranteed issue coverage), and if they consent to signing the application and doing the exam or phone interview that may be required.
If you are the owner and/or beneficiary of the policy, the amount of coverage will also depend on reason for the policy. E.g. You could take out a a policy on your grandparents if you live with them, and you would lose your home as a result of their passing. Or if you wish to pay for their funerals.
Just ask your agent ahead of time so that it will all go smoothly and you do not put your grandparents through unnecessary stress applying for a policy that the insurance company may not approve.
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If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
If you are the owner and/or beneficiary of the policy, the amount of coverage will also depend on reason for the policy. E.g. You could take out a a policy on your grandparents if you live with them, and you would lose your home as a result of their passing. Or if you wish to pay for their funerals.
Just ask your agent ahead of time so that it will all go smoothly and you do not put your grandparents through unnecessary stress applying for a policy that the insurance company may not approve.