It can be difficult to watch parents get older and know they could be gone soon. What’s more, if you depend on your parents for financial support, you could be in a bad spot if something happens to them unexpectedly. One way to hedge against this is by considering a life insurance policy.
It can be difficult to watch parents get older and know they could be gone soon. What’s more, if you depend on your parents for financial support, you could be in a bad spot if something happens to them unexpectedly. One way to hedge against this is by considering a life insurance policy.
If you’re on the fence about getting a policy, here’s what you need to know to decide if you should get life insurance for your parents.
There are a few situations where it makes good financial sense to get life insurance for your parents, like when:
To get life insurance for your parents, you’ll need to meet a few qualifications, like:
Before you begin researching life insurance policies, you’ll need to talk to your parents to get their consent. Then if parents are agreeable, you can work with them to determine what size policy is appropriate and who will benefit, as well as deciding between whole and term life insurance.
Once you decide how much life insurance you need, who will pay for the policy, and who should be listed as the policy owner, you’ll submit an application. Then, the insurer may ask to speak to parents or complete a medical exam. Finally, if approved, you’ll sign a contract with the insurer and begin paying premiums.
The question of whether or not to take out life insurance on parents depends on your insurable interest in their life and whether they consent to it. If you would be negatively financially impacted by your parent’s death, taking out a life insurance policy can make sense. But be sure to be transparent and communicate your intentions to your parents before talking to a life insurance company.
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