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.
$2,500 - $40,000
Guaranteed issue life insurance is a great overall solution. Your parents can not be denied due to health conditions or age, and it can provide enough coverage for funeral expenses and a bit extra. Learn more
$10,000 - $1,000,000
No Medical Exam term life insurance is a great solution for those needing higher limits of coverage. Applicants can be denied due to health conditions or age, but provides a large amount of coverage for paying off debts or income replacement. Learn more
$2,000 - $100,000
Final expense life insurance is . With no exam required, health questions are asked and it can provide enough coverage for funeral expenses with more left over for other needs like medical bills. Learn more
$2,500 - $40,000
Instant Issue life insurance is perfect for those needing a quick life insurance policy. No exam is required and provides coverage in minutes without the need for waiting on an underwriter to review the application. Learn more