Yes, you can get your parents life insurance – however, they will need to take a physical exam, and give their permission. Keep in mind when it comes to buying life insurance for your moth and/or father, you will have to display what is referred to as “insurable interest” to the insurance company.
Put simply, insurable interest is a requirement that shows that you will suffer some sort of financial loss in the event of your parents’ death.
Although buying life insurance (level term or permanent) for your parents is not a pleasant experience, it may be a necessary one. If for no other reason, making sure your parents have a life insurance policy in place will help alleviate your worries about taking care of their burial expenses when the time come that they do pass.
If your parents still have outstanding debts, a life insurance policy will also help guarantee the estate is squared away properly at the time of their death.
The maximum amount you can get will depend on what you can afford, their health, the type of life insurance policy, and how much the insurance company is willing to offer. The amount you will pay will depend on the rate offered by the life insurance company.
The rates charged depend on your parents health, age, amount of coverage, type of policy, their family’s health history, their occupation, their hobbies, etc.
The way to find out how much it will cost is to compare free quotes for life insurance. Term life insurance may be less expensive for you. It provides coverage for a specific number of years, usually 10, 15, 20 or 30 years.
You can request free quotes for life insurance on your mother and your father and get instant quotes from all carriers, with no obligation.
Call Jeff Pennington today at 1-877-221-6198, or fill in the form above, and let him help you make the best choice for you or your parents life insurance policy. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.