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Life Insurance For Elderly Parents

older coupleMany 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 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.


Average monthly pricing for a 10-year life insurance term policy for a man, non-smoker in fair health.

  $100,000 $200,000 $300,000 $500,000
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
Prices shown were obtained on 11/23/13 - your rates will most likely be different. This table gives just a rough idea of life insurance costs.


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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: