Most Common Questions Asked When Buying Life Insurance For Parents
Purchasing life insurance may seem difficult at first, but with the right help and guidance, it does not have to be. Some of the most questions come from those looking to buy life insurance from their parents.
Can you buy life insurance for your parents?
Buying life insurance for your parents is entirely legal and happens all the time. If your parents know about it, sign an application, and complete a free life insurance medical exam, then you won’t have an issue.
Can you pay for your parent’s life insurance policy?
Paying for your parent’s life insurance policy is also something that is incredibly common. This is a great way to help someone you love to obtain coverage. Just make sure to structure the policy correctly and apply a decent amount of coverage.
Can you get your parent’s life insurance without their consent?
The only time you can take out life insurance without someone’s consent is when a parent takes a policy out on a child who is still a minor. If you purchase life insurance for someone else without their knowledge and consent, then it is illegal and considered fraud.
Will buying life insurance for your parents be a good investment?
Life insurance can be an excellent way for your parents to leave you something when they pass. However, it’s essential to ensure that your parents can qualify for a Standard or better health classification. If your parents are under the age of 75 and have no major health issues, then typically, it’s the opportune way for your parents to leave a legacy.
There are a variety of reasons why you should purchase a policy for your parents. The first is because paying for final arrangements can be expensive. Funeral expenses are rising each year, and families tend to underestimate how much the costs can begin to add up. The second is to help pay for medical bills. Prescription medicines can be costly. In addition, medical treatments and doctor visits all add up. Down the road, you don’t want to find yourself having difficulty keeping up with all the bills. Some life insurance policies will assist in covering unpaid expenses that are left behind. Lastly, life insurance can also help with a surviving parent. Living without your spouse is difficult, and this is why it’s common to move a parent closer or help them downsize into an assisted living community. A life insurance policy can help cover all of these types of expenses without requiring you to pay a lot of money out of your own pocket.