Help protect your family’s future. Enter your zip code to get your free quote today!

Get Your Free Quote

Yes, You Can Buy Life Insurance On Your Parents

When your parents pass away, their funeral costs, debts and estate taxes could be left to you to pay. Taking out a life insurance policy on your parents can help alleviate some of the financial burden of their death and ensure you are prepared to handle their final expenses. 

life insurance on parents

Why Consider Purchasing Life Insurance for Your Parents?

The average cost of a funeral is around $10,000, an expense that will likely be left to you if your parents do not have a life insurance policy.

Your parents may also have unpaid medical bills, mortgage balances, car loans and credit card debt. A life insurance policy can help cover some of these expenses to lessen the financial burden on you and your family.

What Kind of Life Insurance Should You Choose?

Although there are two main types of life insurance (term and permanent), you may find it difficult to take out a traditional, fully underwritten term or permanent policy on your parents due to their age or health.

Guaranteed issue life insurance policies offer smaller payouts (usually less than $20,000) that can help you cover your parents' final expenses, including their funeral and burial costs. These policies are usually age restricted.

Even better, your parents don't have to pass a medical exam or answer any questions regarding their past or present health. These plans may have a graded death benefit for an initial period of time.

How Much Coverage Will you Need?

This question depends on what you hope to cover with the policy. A policy with a payout of $10,000-$15,000 may be enough if you are just looking to cover funeral and burial costs. However, you may want to purchase a larger policy if you're also planning to cover estate taxes, medical expenses and any unpaid consumer debt your parents may have.

Make sure you discuss all of these matters with your parents before buying a policy.

A licensed agent can help you better understand your options and match you with a policy that works for you. Speak with a licensed agent at 800-966-7169 or read through our guide, Determining Your Life Insurance Needs to learn more. 

 

*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.

 

 

Help protect your family’s future. Enter your zip code to get your free quote today!

Get Your Free Quote

Related Information

What to Know About Ohio Life Insurance

Find out what you can expect when buying a life insurance policy in Ohio.

Read More

Benefits of Life Insurance vs. Annuity Death Benefits

Life insurance and annuities operate differently. Compare the two below and decide which is the best option for you and your beneficiaries.

Read More

Life Insurance Companies

Finding the right life insurance company can help you choose a plan that meets your needs and your budget.

Read More

Why Do I Need to Have Life Insurance?

Find out why it is important for you to have life insurance with these 7 simple reasons. Help protect your family from financial instability after you're gone.

Read More

Life Insurance Basics: Who Needs It, Types of Insurance

Learn about life insurance’s basics: including the types of policies, their costs and benefits, and who needs coverage.

Read More

What is a Life Insurance Policy? Benefits and Basics

Life insurance helps ensure your loved ones and dependents are financially secure if you pass away.

Read More

Why Get Life Insurance?

Life insurance can help you protect your loved ones financially in the event of your death. Learn more about why it matters.

Read More

Understanding Term and Whole Life Insurance

Term and whole life insurance are two of the most popular kinds of life insurance policies. Read on to learn how they work.

Read More

Looking for Affordable Life Insurance? Consider Term Life

Term life insurance is usually a more affordable option than a permanent or whole life policy. Find out more in this guide.

Read More