Sometimes your parents can’t buy life insurance for themselves because they can’t afford it, but they need it for you to cover their final arrangements.
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The good news is you might be able to buy life insurance for your parents, but there are restrictions. Here’s everything you must know.
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Can you Purchase Life Insurance for a Parent?
The answer to this question is it DEPENDS. Yes, you can buy it BUT only with your parents’ permission and if you can prove you have an insurable interest in them. In other words, you must prove their death would financially impact you.
In other words, you can’t buy burial insurance for parents over 80 if they don’t consent. They must be of sound mind and agree to the policy. They must also be able to sign the application.
They don’t have to pay for it – you can be the policy owner, but they must agree to it since they are the insured.
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What Type of Life Insurance can you Buy for a Parent?
If you’re looking for the best life insurance for elderly parents, you’ll need final expense insurance, otherwise known as burial insurance.
It’s the only option available to seniors over age 80, as once your parents are of that age, they will likely have a claim sooner rather than later.
Final expense insurance is a whole life policy that’s good for your parents’ entire life as long as you pay the premiums. Some policies age out at 95 years old, so make sure you read the fine print.
How Much Life Insurance can you get for an 80-Year Old?
If you’re looking for life insurance for your parent, you might wonder how much insurance you can even buy for an 80-year old.
The truth is, it’s not a lot. You can’t buy a policy that will give you a large payout, leaving you with a financial legacy. Instead, you’ll get enough to cover your parents’ final expenses. The average final expense policy provides up to $25,000, but a few policies go up to $50,000 or even $100,000 if you shop around.
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Can you Get Life Insurance for your 85-Year Old Mother?
If you just found out your 85-year-old mother doesn’t have enough money for her final expenses and doesn’t have any life insurance, you might panic.
How will you cover her final expenses? They could cost as much as $10,000 – $25,000 before hospital expenses or any debts she may have.
The good news is you can get your 85-year-old mother burial insurance, but your options may be more limited. Most insurance companies cut off at age 85, so don’t delay getting a policy if that’s what you decide.
You’ll find a couple of insurance companies that may allow you to buy your parents’ insurance up to age 90 or even 95, but not many will do this.
How to Get Life Insurance for an Elderly Parent
If you’re applying for life insurance for a parent, you’ll follow the same procedure you would if you were buying it yourself, except, in this case, the insured would be your parent, not you.
To get life insurance for them, follow these steps.
- Talk to your parents
Discuss their need for life insurance and see if they agree. Please discuss the reasons, such as the cost of covering their final expenses or any financial impact you would have when they die.
- Get your parents’ consent
Your parents must sign the application and say they are okay with the life insurance you are taking.
- Choose the life insurance
If you’re buying life insurance for an elderly parent, you’ll likely only be able to take out burial insurance. Find the best burial insurance for elderly parents that provides the coverage you need at premiums you can afford.
- Designate a beneficiary
You can be the only beneficiary on your parents’ life insurance policy, or you can have several. Talk to your parents about who should be on the policy to help pay for their final expenses.
- Pay the premiums
Your final step is to pay for the premiums. Make sure they don’t lapse so you don’t lose coverage.
Life can throw us curveballs; sometimes we care for our parents just like they took care of us. If your parents don’t have adequate finances to cover their end-of-life expenses, talk to them about buying a life insurance policy.
If they are of sound mind and agree to the policy you want to take out, you can insure your parents and protect your financial interest in their lives without expecting them to pay the premiums.