Can You Buy Life Insurance On Your Parents?
61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaYes you can buy life insurance on your parents. you'll need to justify the amount and of course receive there signature on the application acknowledging them as the policy insured. You may want to consider securing premium quotes on both individual and survivorship life insurance. Life insurance on parents in an under utilized financial tactic fro the next generation's economic benefit.Answered on September 9, 2013flag this answer
10968 POINTSview profileTim WilhoitOwner, Your Friend 4 Life, Brentwood TNThe short answer is it depends. If you are dependent upon your parents income or assets for your livelihood, the answer is yes. If you are responsible for their debt upon their death, then yes. If you are responsible for the final expenses then yes. If none of these are true and you are just wanting to profit from their death, then the answer would be no.Answered on June 17, 2014flag this answer
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