How to Get Life Insurance on a Parent

As your parents get older, it’s not only natural but smart for you to start thinking about how the cost of their final expenses will be paid when they pass away. So for people with older parents, a common question is “How do I get life insurance on a parent?”

Purchasing life insurance for a parent provides a way to help cover their final expenses, such as a funeral, and help protect you from unexpected financial burdens such as medical care costs that may happen at their end of life. In order to get life insurance on a parent, you’ll need their consent, usually obtained by having them sign the insurance application. You’ll also need to show proof of what is known as insurable interest. A person proves insurable interest by demonstrating that the death of the insured would impact them financially. Family members usually have automatic insurable interest. When you apply to get life insurance on a parent, an employee of the insurance company will usually talk to the policy owner, beneficiary and insured to confirm that an insurable interest is present.

To get life insurance on a parent, choose the right policy

The type of policy you purchase for a parent will depend on their age, financial situation and overall health.

  • Determine how much coverage they need by looking at funeral and additional service costs. Plus, consider any debt or final expenses they may leave behind, such as unpaid medical bills.
  • Then choose a policy that fits their specific needs. This life insurance calculator can help. Keep in mind that a plan with a lower monthly cost doesn’t always mean it’s the best policy for your situation. You’ll need to balance the cost of the policy with how much of the expected final expense needs you want it to cover.
  • Finally, decide who will own the policy. Typically, the person paying the premiums is also the owner of the policy. It’s important to make sure the policy is easily accessible and that the owner understands their responsibility to be the point of contact with the insurance provider. Learn more about the basics of life insurance