How to Buy Final Expense Insurance for Your Parents

Final Expense Insurance

Nowadays, all of us are concerned about the well-being and financial protection of our loved ones. We want to protect our family from any financial burden due to a sudden and inconvenient mishap. One of the best ways to lower your burden is getting your parents a final expense insurance that helps your family a lot in the event of your parents ’ death. 

While having this insurance, you do not have to worry about the after-death expenses of your parents as all of them are covered by this policy. If you have made up your mind to buy this plan and now just need proper guidance on purchasing it, then this blog is certainly for you. 

In this blog post, we will discuss whether you can buy your parent’s final expense insurance and if so then what are the procedure and other necessary things. So, let’s get started!

Can you buy final expense insurance for your parents?

Typically, yes! You can buy an insurance policy for your parents as long as they participate in the process and you meet some requirements. It’s not that piece of cake that you can do without the consent or knowledge of your parents. 

Sometimes, the process needs a medical report so your parents have to undergo a medical exam. So getting an insurance policy for yourself rather than your parents is quite an easy process, do not take it that easy. However, you may have more options and a less expensive premium if you buy the plan when your parents are still younger and healthier. 

Why get your parents’ funeral insurance policy for your parents?

Well! This question might confuse you, but from frequent hospital visits to expensive prescriptions, in the end, years, your parents may need a big budget. Aside from these expenses, you also have to pay the final expenses when your parents die. And this problem seems bigger when you do not have enough funds. 

After their death, you may have to handle left-behind expenses like medical bills, hospice care, and funeral arrangements. So, it’s better to plan and decide now to get a funeral insurance policy for your parents. In case you are an adult child and concerned about your parents’ protection, you can also go for specific life insurance for them. 

What are the requirements for buying burial insurance for your parents?

Many insurance companies allow you to buy a life insurance policy for your parents. However, the following requirements could be their demand:

  • Your parents agreed to the policy.
  • They answer the health questions or agree to submit a medical report. 
  • They sign the insurance application. 

These requirements can’t be ignored or compensated under any circumstances. If your parents are not willing to participate in the insurance process, there is no way to insure them. 

How to buy final expense insurance for your parents?

Here is a step-by-step guide for you to buy an insurance policy for your parents:

1- Find out how much coverage your parents need: 

An average funeral cost could be $9,000 or more according to the service provided. However, this cost does not cover additional services like transporting the remains, buying a tombstone, or buying a burial plot. Therefore, it is recommended to get an estimate from different local funeral homes. It would help you to determine the final cost and give you an idea about the right services for you. Moreover, you can also add any debt or final expenses your parents may leave with, like unpaid medical bills. In this way, you can get a clear idea of how much coverage your parents require. 

2- Find a policy that fits their requirements:

Various types of insurance policies are available in the market today. Before buying a policy, it’s essential to check out what it’s offering and whether it would cover the things you need. Do not go for a plan just because it’s cheaper on a monthly term, as it does not mean it’s the best policy for your needs. 

3- Decide who will be the owner:

In most cases, you need your parents’ consent to buy a plan for them. However, it would be best if you were the owner. Ideally, you have to be the owner, payor, and beneficiary of the policy. In that case, you can inquire about the policy or make changes to it. 

When can I buy burial insurance for my parents?

You are allowed to buy an insurance policy for your parents when you have an insurable interest. That’s when you are responsible for the final expenses of your parent’s death. Eligible financial responsibilities may include: 

  • Funeral services and cremation costs
  • End-of-life medical expenses
  • Financial obligations like inheriting your parent’s house or their mortgage
  • Homecare services or any other expenses related to surviving parents.

Your insurance company will also help you to determine what qualifies you to get an insurance policy for your parents and how you provide proof. However, it would be easier for your parents to take out an insurance policy themselves and name you as the policy’s beneficiary if they can. They have to go through the same application process without the added qualification of proving your insurable interest in them. 


The Bottom Line 

Typically protecting your parents through burial life insurance is a part of protecting yourself, particularly from unforeseen bills that can make you financially unstable. Many times when a parent passes away, you may be left with the bills and do have not enough resources to handle these expenses. So it’s advisable to get a final expense insurance policy for your parents well before time.