Can You Take Out Life Insurance On Your Parents at Life

Can You Take Out Life Insurance On Your Parents. You'll need your parents' permission if you want to take out an insurance policy on their behalf. Following your parent’s death, you (the child) will most likely be negatively affected financiall y in one way or another — this is recognized as insurable interest.

If your child is over the age of 18, they have to. By taking life insurance out on your parents, you can protect yourself against financial hardship should they pass away. If your parents are not in the financial position to pay for their final expenses, a life insurance policy where you are the owner (payor) can resolve the problem.

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Affordable, flexible term life insurance at your pace. To get a policy on your mother and/or father you simply have to demonstrate that you'll suffer some. (if you need help with that possibly sensitive discussion, consider reading how to discuss needing life insurance. How much is life insurance for my elderly parents.