1. Peggy MacePRO
    COO and Senior Agent, Outlook Life, All 50 States
    Getting life insurance on grandparents can be touchy. Life insurance is not meant to provide profit to the Owner of the policy, it is meant to prevent the Owner from suffering loss as the result of the Insured persons's death. So if your grandparents are living with you, or you contribute to their living expenses, life insurance would be a reasonable way to repay you.

    If you do not contribute to their well being through money or services that would cost them money if you did not do it, then you do not have an "insurable interest" in their lives. This would make it difficult to be Owner of a policy on them for over $50,000.

    However, most life insurance companies will allow grandchlidren to purchase a policy on their grandparents for final expense reasons. This is very common and a great way to ensure that the death of a grandparent does not cause undue hardship to the family.
    Answered on May 7, 2013
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