Can I Purchase Life Insurance On My Parents?

  1. 11783 POINTS
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    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    Can you purchase life insurance on your parents? Yes, provided they consent to be insured by you. It cannot be done without their permission.  This situation occurs quite often as kids realize that their parents may need something to take care of their final expenses and services at their passing.
    Answered on May 5, 2013
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  2. 10968 POINTS
    Tim Wilhoit
    Owner, Your Friend 4 Life, Brentwood TN
    The answer is it depends. If you are dependent upon your parents for your income and expenses or in business with your parents then yes there is an insurable interest. However, if there is not a clear insurable interest then that answer would be no. If the answer is yes, your parents must be in agreement to purchase life insurance even if you are making the payments. They have to be underwritten and sign the applications and contracts.
    Answered on October 19, 2014
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