Life Insurance For Elderly Parents
Many people wonder if they can take out life insurance on their parents, the good news is, yes you can.
You simply have to demonstrate insurable interest to the insurance company and underwriter.
Demonstrating insurable interest is easy, because you will, most likely, suffer some kind of financial loss in the event of your parents' passing. Being it your mother or father, or both.
What kind of rates can my parents get?
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Because your parents are most likely elderly, the insurance premiums will be higher, but if you compare prices from different companies, you can still find some affordable rates.
If your parents (mother and father) are in good health, with no major health issues, it should not be too difficult to obtain coverage for them, and the premiums will be lower.
How To Get The Best Rates
Comparing rates from many different companies is the only way to make sure your are getting the best possible rates.
Sometimes quotes will vary by hundreds of dollars per year from company to company, so by comparing many quotes, you'll find the cheapest rates possible for your mom and/or dad.
Average monthly pricing for a 10-year life insurance term policy for a man, non-smoker in fair health.
|65 year old male||$63.66||$121.64||$142.24||$234.95|
|66 year old male||$71.36||$138.04||$156.80||$256.65|
|67 year old male||$81.38||$156.05||$172.38||$283.50|
|68 year old male||$91.70||$177.71||$191.80||$315.88|
|69 year old male||$104.78||$202.86||$216.20||$355.50|
|70 year old male||$117.69||$229.69||$245.35||$405.13|
|71 year old male||$135.20||$261.65||$278.43||$460.25|
|72 year old male||$150.85||$296.01||$317.00||$524.56|
|73 year old male||$171.18||$337.25||$364.26||$603.35|
|74 year old male||$194.28||$382.45||$422.50||$700.45|
|75 year old male||$220.51||$435.14||$493.90||$819.45|