Life Insurance For Family Members

Protecting our loved ones is a top priority. That's why many of us purchase life insurance - to provide financial security for family members in case we pass away unexpectedly. While we often get policies for ourselves, it can also be wise to get coverage for other family members.

"Protecting our loved ones is a top priority. That's why many of us purchase life insurance - to provide financial security for family members in case we pass away unexpectedly."

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However, there are important requirements to keep in mind. You typically need to prove "insurable interest" before buying a policy on someone else. This means demonstrating you would face financial hardship if that person died. The insurance company will investigate your relationship and require consent from the insured individual. They must agree to complete all parts of the application, like a medical exam. Without their full cooperation throughout the process, you cannot take out a policy on their behalf.

The key is that purchasing life insurance for another person is allowed, but with strict guidelines. This ensures the process remains ethical while still allowing people to look out for their family's financial future. As long as you fully disclose your intentions and receive consent, this can be a reasonable option. But work closely with your insurance provider to ensure you meet all necessary criteria.

Typical Life Insurance Amounts:

Life Insurance Policies For Your Mother and Father

Unlike with a spouse, buying a life insurance policy for a parent or grandparent is not usually a top priority. This is because people do not often rely on older relatives for financial support the way they do a partner. However, there are some situations where taking out a policy on your parents makes sense.

Some do so to help guarantee an inheritance for the next generation.

The funds can also be used to cover high estate fees or funeral costs after a parent passes away. Additionally, if the surviving parent is unable to live independently, the payout from a life insurance policy could pay for assisted living or in-home care.

While not always necessary, life insurance for parents or grandparents can provide financial security in certain circumstances.

Here are some examples of term life insurance policies for parents over 60 years of age. These example rates are just an average and most likely are not the prices you'll get.

Learn more about insuring your mother.

Mother

Average monthly costs for a 10 year term policy for a non-smoker mother in good health:

AGE $50,000 $100,000 $200,000 $300,000 $500,000
age 60 $43.42 $25.46 $45.77 $53.86 $86.80
age 61 $49.16 $27.02 $48.83 $60.48 $96.15
age 62 $54.76 $28.88 $54.56 $66.43 $106.48
age 63 $56.03 $31.14 $57.13 $74.98 $117.03
age 64 $60.02 $33.52 $63.00 $80.45 $128.12
age 65 $39.74 $38.18 $66.55 $81.05 $148.15
age 66 $44.88 $44.47 $73.44 $87.55 $164.75
age 67 $43.95 $46.97 $81.08 $93.12 $178.47
age 68 $49.00 $53.76 $86.90 $100.48 $193.10
age 69 $53.14 $59.40 $96.55 $111.82 $221.15
age 70 $58.09 $67.43 $107.14 $128.95 $247.15

(Life insurance rates as off 04/22/2024 - your rates may vary)

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Father

Example average monthly costs for a 20 year term policy for a father, non-smoker, in good health and with no major medical conditions:

Age $100,000 $200,000 $300,000 $500,000
65 year old male $63.55 $123.72 $144.44 $233.75
66 year old man $71.23 $137.14 $157.72 $258.10
67 year old male $84.48 $155.15 $174.98 $283.50
68 year old man $94.75 $177.52 $191.75 $315.97
69 year old male $103.78 $203.76 $215.70 $356.15
70 year old male $116.40 $230.15 $246.45 $405.13
71 year old man $136.75 $264.25 $278.43 $464.25
72 year old male $154.55 $295.75 $317.20 $525.48
73 year old male $174.00 $337.25 $363.76 $603.25
74 year old man $193.18 $383.45 $424.42 $704.25
75 year old male $220.42 $433.20 $495.10 $821.40

(Insurance rates as off 04/22/2024 - your rates will most likely be different)

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Determining Life Insurance Needs for Married Couples

When purchasing life insurance for a married couple, a key factor is determining who relies on whose income the most. Oftentimes, this is the primary breadwinner - whether that's the husband, wife, or both equally.

Before comparing policy rates, first figure out the amount of coverage truly needed. Aim to have a general range in mind. A common guideline is to get a policy worth 6-10 times the insured's annual salary. So if you or your spouse earns $50,000 per year, target a death benefit between $300,000 and $500,000.

The main breadwinner should likely be insured for the greatest amount, to replace their lost income. But some coverage for both is wise, to cover expenses and final arrangements. Work together to find the right balance based on your financial situation and future needs. The key is ensuring your family is fully protected if the unthinkable occurs.

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Wife

Typical prices for a 10-year term life insurance policy for non-smoker women age 50 to 65:

Woman's Age $100,000 $200,000 $300,000 $500,000 $1,000,000
50 Year Old Woman $13.48 $21.46 $24.16 $35.78 $67.13
51 Year Old Woman $14.45 $22.14 $25.90 $38.84 $72.79
52 Year Old Woman $15.15 $24.51 $28.10 $42.83 $79.19
53 Year Old Female $17.12 $27.44 $30.26 $47.48 $87.55
54 Year Old Woman $17.45 $28.71 $33.18 $50.75 $95.81
55 Year Old Woman $18.48 $31.16 $35.88 $57.15 $104.13
56 Year Old Woman $19.44 $32.45 $38.43 $58.96 $110.20
57 Year Old Woman $20.28 $34.70 $40.86 $63.92 $120.45
58 Year Old Female $21.26 $37.79 $43.75 $68.85 $130.15
59 Year Old Woman $22.77 $39.23 $47.87 $75.47 $143.50
60 Year Old Woman $23.98 $42.80 $51.10 $82.25 $157.72
61 Year Old Woman $25.78 $47.55 $55.83 $90.15 $171.50
62 Year Old Woman $27.48 $50.74 $60.55 $98.45 $187.25
63 Year Old Woman $29.59 $54.88 $67.45 $107.73 $207.55
64 Year Old Woman $32.10 $59.75 $73.41 $119.45 $229.71
65 Year Old Female $37.26 $67.87 $81.13 $148.70 $287.10

(Life insurance rates as off 04/22/2024 - your rates, most likely, will be different)

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Husband

Typical prices for a 20-year term life insurance policy for non-smoker men age 50 to 59:

Man's Age $100,000 $200,000 $300,000 $500,000 $1,000,000
50 year old man $27.24 $47.99 $54.40 $90.25 $170.25
51 year old man $28.88 $50.96 $58.74 $ 97.91 $185.95
52 year old man $31.28 $55.95 $67.16 $108.70 $ 208.10
53 year old man $32.75 $58.80 $67.28 $117.88 $227.10
54 year old man $34.88 $61.86 $71.40 $118.10 $232.21
55 year old man $37.78 $67.45 $78.10 $130.28 $255.19
56 year old man $40.85 $73.89 $85.92 $144.42 $282.59
57 year old man $47.14 $81.55 $94.20 $157.16 $308.75
58 year old man $51.98 $97.55 $120.86 $198.21  $388.14
59 year old man $58.58 $108.53 $137.41 $223.75 $435.25

(Rates as off 04/22/2024 - your rates, most likely, will be different)

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Child

While most parents are not financially dependent on their children, some still choose to purchase life insurance for them. This can be part of a broader estate planning strategy to eventually pass on wealth.

Life insurance policies with cash value components can also function as tax-advantaged investment vehicles to help fund future education costs.

Locking in coverage at a young age guarantees insurability and lower premiums, which is especially important for children with health conditions that may make obtaining insurance difficult later on.

Though not necessarily suitable for all families, life insurance on children can serve strategic purposes beyond just providing death benefits.