Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
You probably can, yes. In all cases, in order for you to purchase a life insurance policy on another person, you must have an insurable interest in that person. That requirement would it seems be met in this case. Next, however, the person to be insured must also meet the insurance company's underwriting guidelines in order for them to issue a policy. Coverage in this case, therefore would be subject to your Dad's current health, his medical history and age among other factors.
Whenever you want to get a Life Insurance policy on another adult, such as your father, all you need to do is fill out the application. What you will need to know is who the owner will be? Is that going to be your father or you? Who is paying the premiums? What is the purpose of the insurance? Your father will have to sign the application as the applicant/insured. You CANNOT sign it for him.
Be sure to have all the facts straight regarding his medical history as well.
Last, I highly recommend working with a broker to help you through this process which will get the application through underwriting that much faster.
The first step in taking out a life insurance policy on your father would be to talk it over with him. That shows respect, can avoid hard feelings, and also helps ensure that he will not back out at some point in the process.
Most children only need a small policy on their parents, and you should be able to easily find him a small policy that does not require an exam.
However, if you are taking out a policy on your father that requires a large face amount (e.g. so that you can buy out his share of his business when he dies) and that will entail an exam. Ask him ahead of time if he is OK with taking the exam.
Get a list of his medications, what health conditions he has had, and his height and weight, then shop for the best rate. If you do not have all that information, you may end up putting your father through a discouraging decline that could have been avoided. With this arsenal of information, you can find his best price and make it into a more satisfying exercise for both of you.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
The key to this question is insurable interest. You must have a good reason to buy the insurance. Secondly, you will need your father’s cooperation. Your father must complete non-medical information and may have to submit to some routine procedures such as urinalysis, mouth swab or x-ray. There are subcultures in the USA where this is a common practice to prepare for the inevitable expense of the funeral.
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Be sure to have all the facts straight regarding his medical history as well.
Last, I highly recommend working with a broker to help you through this process which will get the application through underwriting that much faster.
Most children only need a small policy on their parents, and you should be able to easily find him a small policy that does not require an exam.
However, if you are taking out a policy on your father that requires a large face amount (e.g. so that you can buy out his share of his business when he dies) and that will entail an exam. Ask him ahead of time if he is OK with taking the exam.
Get a list of his medications, what health conditions he has had, and his height and weight, then shop for the best rate. If you do not have all that information, you may end up putting your father through a discouraging decline that could have been avoided. With this arsenal of information, you can find his best price and make it into a more satisfying exercise for both of you.