The best place to start in purchasing life insurance for a parent is to discuss the idea with them. They will, at a minimum, need to sign the application, so you cannot do it without their knowledge.
If they apply for a small, simplified issue policy, they will probably need to do a phone interview with the insurance company. If applying for a larger policy, they will need to take a life insurance exam that my include an EKG and questions to test their cognitive function. If they are not willing to participate in the application process in any way, they can get guaranteed issue life insurance (but will still need to sign the application).
In this first conversation, you can get an idea of what type of policy to look for by asking them how involved they want to get in the application process. At this time, you should also get a list of their medications and current and past health conditions. Most adult children are unaware of their parents' complete health history. If your parent does not want to share that with you, they should contact an agent themselves, for their quote.
You can find the most competitive rates for your parent at agencies that sell a selection of products. If the policy is going to be under $50,000, there are agencies that specialize in those. The agency may call that type of policy Senior Life, as our agency does. Or they may call it Burial Insurance, Funeral Insurance, or Final Expense Insurance.
If you are looking for a larger face amount, contact an agency that is experienced in Senior Life Insurance.
If your parent has very serious health issues, Guaranteed Issue may be the way to go.
Most companies will allow a child to pay for a policy for their parent. Whether or not you can own the policy will depend on a variety of factors. If you approach the purchase with the preparation explained above, it can be a very easy process and leave your parent feeling fulfilled, rather than frustrated.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Children purchase life insurance on their parents to provide funds for final expenses. These policies cannot be purchased without the parents’ consent. If the parents have a single heir that heir should not have any difficulty buying the policy. When there are multiple heirs it would be very important to make sure every other potential heir is aware of what is being done and why.
Living Debt Free & Truly Wealthy, The found money specialist, United States
Contact a Insurance company today, and talk to a agent who can answer any Life insurance question you might have. Expert advice is always the best advice.
There are plenty of life insurance companies just type it into google and your set.The sooner the better, we never know what can happen in life.
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If they apply for a small, simplified issue policy, they will probably need to do a phone interview with the insurance company. If applying for a larger policy, they will need to take a life insurance exam that my include an EKG and questions to test their cognitive function. If they are not willing to participate in the application process in any way, they can get guaranteed issue life insurance (but will still need to sign the application).
In this first conversation, you can get an idea of what type of policy to look for by asking them how involved they want to get in the application process. At this time, you should also get a list of their medications and current and past health conditions. Most adult children are unaware of their parents' complete health history. If your parent does not want to share that with you, they should contact an agent themselves, for their quote.
You can find the most competitive rates for your parent at agencies that sell a selection of products. If the policy is going to be under $50,000, there are agencies that specialize in those. The agency may call that type of policy Senior Life, as our agency does. Or they may call it Burial Insurance, Funeral Insurance, or Final Expense Insurance.
If you are looking for a larger face amount, contact an agency that is experienced in Senior Life Insurance.
If your parent has very serious health issues, Guaranteed Issue may be the way to go.
Most companies will allow a child to pay for a policy for their parent. Whether or not you can own the policy will depend on a variety of factors. If you approach the purchase with the preparation explained above, it can be a very easy process and leave your parent feeling fulfilled, rather than frustrated.
There are plenty of life insurance companies just type it into google and your set.The sooner the better, we never know what can happen in life.