We get this question a lot, and the short answer is yes, but there are some requirements you have to meet. The most important one is, you have to have your parents consent - they have to know about it and sign the application.
There are a few more things you have to take into account when buying life insurance for your parents.
Typical Life Insurance Amounts For Parents:
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In addition to consent, in order to buy life insurance for your mother and/or father, all you have to do is display to the insurance company what is referred to as "insurable interest". Put simply, insurable interest is a requirement that shows that you will suffer some sort of financial loss in the event of your parents death.
In most cases, it is not difficult for adult children to demonstrate insurable interest when it comes to insuring their parent (mother or father), and placing themselves as the beneficiary.
Once this is established, you need to determine how much coverage will be necessary and what type of coverage will best serve your needs, and those of your parents.
Keep in mind that you will need your mother's or father's consent to buy life insurance in their name. So, it's best to do this before any type of dementia starts to set in.
In the broadest sense, you can choose from permanent life insurance or level term life insurance. With term insurance, your elderly parent (mom or dad) will only be covered for a set period of time.
With permanent insurance, on the other hand, the coverage lasts throughout the remainder of your aging parent's life. Permanent life insurance premiums are higher and it's not as affordable as term insurance.
In addition, if your parents are elderly (over 70), term life insurance may be purchased to last until beyond the life expectancies of your parents. This is not to say that one is definitely a better choice than the other it is a very personal decision that must be based on your unique circumstances.
The costs of life insurance coverage for your mother and/or father depend a lot on their age and health condition - do they have any health issues that would cause a premature death.
If your parents still have outstanding debts, purchasing life insurance coverage on them will also help guarantee the estate can pay the debts upon their death.
The amount of coverage you'll need also depends on the purpose of the life insurance. If you are simply looking to have final and funeral expenses covered, an insurance plan with a small death benefit of around $10,000 to $15,000 may be enough for your needs and it will be low cost and pretty affordable.
But, you may want a larger policy amount that you can borrow against in case of medical expenses, or that will help pay off other expenses in the event of your parent's passing, for example, the dreaded estate taxes - a policy like this will cost more.
Costs of getting life insurance on your parents will vary depending on your senior parents health and age.
Obviously, the younger they are, the cheaper the policy will be. Also, if they have health issues like diabetes, high blood pressure (hypertension), heart disease, have or had cancer, are overweight, plus many more conditions, the average cost of coverage will be higher, and getting cheap rates will no longer be possible.
|65 year old mother||$39.63||$38.20||$66.92||$81.16||$148.85|
|66 year old female||$43.48||$43.49||$73.65||$87.65||$163.20|
|67 year old woman||$45.24||$47.78||$80.15||$93.22||$177.67|
|68 year old female||$49.20||$53.35||$86.99||$100.57||$194.22|
|69 year old mother||$53.16||$59.20||$96.56||$111.54||$221.50|
|70 year old woman||$58.39||$67.20||$107.20||$128.25||$247.22|
|71 year old mother||$63.91||$75.35||$118.16||$151.16||$274.35|
|72 year old woman||$68.53||$85.56||$133.22||$175.45||$306.35|
|73 year old female||$75.89||$95.55||$151.98||$197.30||$353.72|
|74 year old woman||$84.28||$108.35||$170.75||$ 224.56||$399.25|
|75 year old mother||$93.67||$115.60||$193.59||$256.12||$454.52|
|65 year old father||$63.55||$123.65||$142.44||$234.75|
|66 year old man||$71.22||$137.14||$157.62||$258.15|
|67 year old male||$82.38||$155.14||$172.98||$283.50|
|68 year old father||$92.79||$177.55||$191.75||$315.97|
|69 year old male||$104.75||$203.76||$215.70||$356.10|
|70 year old father||$116.40||$230.17||$246.35||$405.26|
|71 year old male||$136.73||$262.30||$278.33||$462.30|
|72 year old man||$152.55||$295.75||$317.20||$525.38|
|73 year old father||$172.00||$337.35||$363.76||$604.35|
|74 year old man||$194.18||$384.42||$422.42||$702.35|
|75 year old father||$220.32||$434.20||$495.10||$821.40|
Thinking of buying a life insurance policy on your elderly father, but you are not sure if you can, or how to go about doing it? We can help you with all your questions and with the best possible rates.
Buying a life insurance policy for your elderly mother may not be a pleasant task, but, it may be a necessary thing to do. Maybe you need to pay estate taxes with your mother's passing, or pay for burial expenses. No matter the reason, we make it easy to compare rates from many different insurance companies.
When you hear people mention "guaranteed life insurance" or "no medical exam life insurance", do you know what they are referring to?
This is a guaranteed issue life insurance policy that will be issued to you, in most cases, despite any health issues you may have or had. The problem is, the premiums will be much higher and the death benefit lower - usually 10 to 50 thousand. This is not an affordable or cheap policy.
It's the most common policy issued to elderly seniors (over 65) and it's often used to pay for final expenses such as funeral expenses, medical bills, or other outstanding debts.
It's the preferred life insurance policy for parents over 70 because it's easy to get and does not need a visit from a nurse or medical professional.
Can I buy life insurance for my parents without them knowing?
No, you can't.
You'll need their consent before you can purchase life insurance coverage on your mother or father. Also, they'll have to be legally competent to provide the consent. So, make sure to do it before any advanced dementia is present.
Can I take out burial insurance for my parents?
Burial insurance is just another type of life insurance, so, yes you can. It's very common for adult children to get a low benefit policy like this to cover final expenses like funeral and burial.
Can I pay for my parents' life insurance policy?
Yes, you can. But you still need the consent of the insured parent or parents.
Can I get life insurance for my 75 year old mother?
Most likely yes. It will depend on your mother's health condition and if she has or had any major medical conditions. But, she can always get a guaranteed policy.
How can i get affordable life insurance for my parents?
The easiest way is to shop and compare prices Online. This way you don't even have to speak on the phone with an agent, everything is done electronically. Also, this is the best way to get better rates, because, you'll be able to compare pricing from different insurance companies.
It does not matter if your parents are over 50 years of age, over 55, over 60 , over 65, over 70, over 75, or even over 80 years old. It is still possible to insure them if they are fairly healthy and don't suffer any major health issues. Of course, if they are closer to 80 than 50, it won't be as affordable to get them coverage.