Can you buy life insurance for your parents?

Answer 1

Yes. Are they willing to sign the application and take the physical? Is there an economic loss, ie insurable interest? Answer If your parents are in good health and are willing to sign the applications and appear for the medical exam, then there is nothing stopping you from taking out a policy in their names. However, in case old age and ill health are factors that are preventing them from being eligible for an affordable policy, there are many insurance companies that specialize in this type of high- risk insurance. Choose a life insurance provider that is well versed with the underwriting process involved in qualifying for such a policy and the resources to find insurance companies dealing with such specialized cases. You could maybe opt for a final expense policy that does not demand a physical since these are small policies intended only to cover funeral expenses. Keep in mind that there is a two year waiting period, in case of a natural death before you can claim any death benefits. Another option is a single-premium policy, where you pay a lump sum premium amount upfront, which can be claimed after death.