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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.
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.
Comparing rates from many different companies is the only way to make sure your are getting the most affordable and best 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.
There are many reasons you may want to insure mom and dad. But, the most common reason is to cover final expenses (burial expenses and funeral services). This is usually a low amount policy. Final expenses insurance policies are typically up to $50,000 and don't require a medical exam.
If your parents own real estate and still have a mortgage, you may want to take out a policy to pay off the mortgage in case of their passing. You do not want to be stuck paying another mortgage.
Another reason, is to pay for estate taxes. If you parents are wealthy and own expensive real estate, you'll have to pay taxes on part of your parents estate's value, so a life insurance policy can help you pay for them. These policies are usually higher than $50,000 dollars.
No matter the reason, make sure to request a quote and we will discuss all your needs.
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|
Average monthly policy costs for a 10 year life insurance term policy for a woman, non-smoker in good health.
|65 year old female||$53.26||$101.09||$120.75||$197.75|
|66 year old female||$57.76||$110.09||$131.25||$215.25|
|67 year old female||$62.01||$118.59||$141.49||$232.31|
|68 year old female||$67.01||$128.59||$153.83||$252.88|
|69 year old female||$73.76||$142.09||$170.63||$280.88|
|70 year old female||$83.01||$160.59||$194.25||$320.25|
|71 year old female||$99.66||$194.08||$224.70||$371.00|
|72 year old female||$114.89||$224.53||$261.45||$432.25|
|73 year old female||$131.78||$260.40||$305.29||$505.31|
|74 year old female||$150.59||$298.55||$356.74||$591.06|
|75 year old female||$172.46||$342.30||$417.38||$692.13|
In summary, no matter your parents age - over 60, over 70 , over 75, over 80 - it is still possible to get life insurance on them. Insurance companies will look mostly at their present health status and at any past health issues they may have had. Of course, the older they are, the more money it will cost.
Here's a good video on the subject of getting parents life insurance coverage:
Click Here for life insurance rates for your mother and/or father!