Life Insurance For Parents

Life Insurance for parents

Securing your financial future by investing in life insurance policies is a wise thought. Once you have bought the insurance for yourself, your spouse, and your children, you may feel a piece still missing. This is probably because your parents are still missing out on an insurance policy for them. As much as it is essential to secure insurance for your family, it is crucial for tying the financial loose ends of your parents as well, especially if they are dependent on you.

As a thank you gift or as a way to protect them in the event that as children they are absent due to an accident, Life policies can be of great help, since not only the economic integrity of the family members is protected, they also attend any risk such as accidents or illnesses.

life insurance for parents
How much coverage can I get for my parents?

The coverage amounts for life insurance for parents vary from policy to policy. As per the requirement, the insurance policy can be either term life insurance or permanent life insurance. However, the primary purpose of getting insurance for parents is to secure the final expenses; the death benefits can range from $5,000 to $50,000. As per the coverage amount decided, the premium payments can be set accordingly. Lower coverage amount leads to lower premium payments. For instance, the premium costs can be reduced to $50 monthly.

Can I get insurance for my parents quickly?

Getting life insurance policy for parent your parents can be as easy as getting insurance for yourself. However, the only thing that can be a little challenging is to prove the insurable interest. Financial suffering can either in the form of loan repayment, funeral expenses, or hospital bills. Choosing beneficiaries for the policy is also a significant job to avoid any unnecessary taxation. The guaranteed issue or final expense life insurance usually comes with a waiting period of two years. Therefore, you can get insurance for your parents at as early age as possible.

What is the ideal age for parents to get insurance for them?

Any age above 50 is an ideal age to buy life insurance for your elderly parents. There is very little chance that an insurance company would reject your insurance at this age. Most of the companies provide guaranteed issue or final expense life insurance to individuals above 45-80. There is no medical examination required. This is usually offered to those who want favorable insurance coverage for their final expenses. Most insurance companies cease the premium payments after the age of 90.

old parents walk
  • In order to avoid any taxation on the death benefit, it is essential to choose the beneficiaries wisely.
  • Premiums can be paid monthly and annually as per the option selected. The policy stays active as long as the premiums are being paid. If you stop paying the premiums, the policy also ceases to exist.

How can I get life insurance for my parents?

Getting insurance for someone other than yourself can be a bit of a task because the policyholder is not the named insured, unlike in traditional policies. In this case, the first you need to do is prove the insurable interest – which means proving that the death of the named insurer will bring you financial sufferings. Once established, acquiring the insurance for your parents gets easier.

  • The first step in getting life insurance for your parents is talking to them and obtaining their consent. If they are not sure about getting insurance, an informed conversation with your parents can help them change their minds. Getting their consent is crucial because you can not purchase the policy without it.
  • It is essential to be very clear about why do you need an insurance policy for them. The objectives of the insurance can help you lock in a policy that perfectly aligns with your requirement. Most of the time, the aim is to secure the final expenses of your parents. If someone wants to provide a living benefit to their parents, they would have to choose the policy accordingly.
  • Getting a life insurance quote is significant for deciding the coverage costs and premium payments. Life insurance quote depends on the age, gender, and medical health condition of the parents.
  • The application can be submitted on paper by hand or online. Some companies have the option of filling the application on call. Nevertheless, it takes up to 1 to 5 working days to get the policy in working. Usually, there is no medical examination required. However, there can be a health-related questionnaire that one needs to be filled for qualifying for the policy.

Can I buy life insurance for my parents without their consent?

It is crucial to get the consent of your parents before purchasing an insurance policy for them. If it is purchased without their consent, it can be deemed insurance fraud. Insurance companies are usually very vigilant in granting insurance policies to individuals. It is crucial for them to have the consent of the person for whom the policy is being purchased.
Many individuals try to get away with the watch locks to buy a policy without the parents knowing. However, the application and scrutiny process of the insurance companies is so complex that they are most likely to get caught. Even if they manage to do so, they are still at a very high risk of being caught.
Therefore, it is recommended to obtain the consent of your parents before getting an insurance policy for them. This does not only simplify the process but also prevents you from any future trouble.

old couple watching tv at home
old couple life insurance pose

What is the best life insurance for my parents?

The best life insurance can be picked for your parents after thoroughly understanding the requirement. Mostly, individuals want to buy insurance for their parents to cover their final expenses. At times, death benefits and living benefits are desired. You or your parents can buy both term or whole life insurance for them. However, in the case of term life insurance, the premiums are usually paid by the parents. For acquiring the insurance for parents after the age of 45 or 50, you can pay the premiums for your parents.
Mutual of Omaha is referred to as one of the best life insurance companies for the parents as it provides the best coverage amount $2000 to $40,000 to individuals aged 45 – 85. If you are interested in buying temporary life insurance for your parents, Bestow insurance company is the best option.