Can you buy life insurance for your parents (or someone else)?
Yes, it is possible to buy life insurance for your parents, or someone else, but you must have:
- their consent (typically their signature on the application)
- proof of “insurable interest” (that their death would have a financial impact on you)
While both may be fairly easy to acquire, depending on your personal situation, it may be easier to have your parent apply for life insurance instead.
Of course, that doesn't mean you can't do the majority of the heavy lifting, like comparing rates or even applying for your parent, and having them finalize the application.
The best life insurance types for parents
Which life insurance type is best for your parents depends on a few factors, such as the age and health history of your parents, as well as how much coverage is desired.
Below you will find the top 3 life insurance types for parents. It’s easy to see how much a life insurance policy would cost. Simply click “Get a Quote” to compare rates of dozens of top rated life insurance companies at once.
$10,000 - $1,000,000
No medical exam term life insurance is our recommended solution for people younger than 65, in average or better health. It offers the highest coverage amounts, with no medical examination. In comparison to guaranteed issue or final expense, it's also 2-5 times more affordable!
$2,000 - $100,000
Final expense insurance is our recommended option for individuals ages 65-85. It's more affordable than guaranteed issue, and the health qualification is simple. There is no medical examination involved.
$2,500 - $40,000
If you had some serious health conditions, a guaranteed issue life insurance policy may be your only option. You can not be denied due to health conditions or age. It can provide enough coverage for funeral expenses and a bit extra. But, it's more expensive than any other life insurance type.
$50,000 - $500,000
If you're looking for coverage, but your budget doesn't allow a traditional policy, this is it. Basically, anyone can qualify for an accidental death life insurance policy, regardless of their health history. It's also more affordable than any kind of traditional life insurance type. However, this type of insurance only pays if the cause of death is due to an accident.