1. 12689 POINTS
    Ted RatliffPRO
    Owner, SFS Associates,
    As long as your parents are aware of the transaction and can sign the application then any company will allow you to take a policy out on your parents.  To take a policy out on another individual you must have insurable interest such as family in this case, and the other party must be aware of and consent to the transaction.
    Answered on May 29, 2013
  2. 63333 POINTS
    Peggy MacePRO
    Most of the U.S.
    You can buy life insurance on your parents pretty much anywhere you can buy life insurance on yourself. If you are looking for final expense coverage for them (permanent policies with face amounts under $25,000 and offered to people up to age 80 or 85) there are websites that cater to that type of clientele.
    Answered on May 29, 2013
  3. 37376 POINTS
    David G. Pipes, CLU®, RICP®PRO
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    Particularly in traditional communities the cost of a funeral can be very high. It isn’t unusual for people to discuss this situation with their parents. The life insurance can be looked as an “installment purchase.” Everyone knows how much final expenses will be. Those responsible can use a life insurance policy to make sure that the money will be there when it is required.
    Answered on November 14, 2014
  4. 2775 POINTS
    Joe 'Gravy' GravesPRO
    Owner, I Hate Buying Insurance, Nashville TN
    Underwriting is how you should compare life insurance. I can't stand the dot.coms that make it sound like all plans are equal and it's ONLY about price. AAAHHHH. Height, weight, tobacco, health, family history, driving history, occupation, hobbies, & MORE determine WHAT you qualify for. You might get preferred with one carrier when so many others might give you standard. Call an independent agent that ACTUALLY represents dozens of companies. Not one that "claims to be independent". Most of the Indy agents I know only write with one to three companies. WHY... it's too hard to keep up with all the carriers, changes, & trends. So talk to an agent that in focused on "PEOPLE", not homes & cars.

    We ask a few dozen questions when we begin a Life insurance conversation. If the agent you chat with only asks a few basics, you are betting on luck, not correct agency level underwriting. However.... Stop buying "Life Insurance"! What I mean is the old "death insurance" plan that everyone knows. You die, someone gets a check. Great.... If you die. More often than ever before, we survive the cancer, heart attack, stroke, or other critical illness. What use to just kill us now only kills us financially.

    There is a new generation of life insurance that you can use without DYING. Commonly called Living Benefits Life (LBL) Insurance, these plans may allow you to tap into the "death benefit" upon the diagnosis of a named critical illness (like cancer or a heart attack), or when you're not able to perform 2 of 6 activities of daily living (ADL). SO your "death insurance" can act like a long term care policy!

    Talk to an agent that represents several LBL plans. UNDERWRITING is key. Buy the best plan that you can qualify for. You buy life insurance with your health... you only pay for it with dollars. Options are dependent on your parents age & State of residence.

    If you want to learn more about your life insurance options, reach out and get the free Audio called, "Stop Wasting Your Money on Life Insurance". -gravy
    Answered on May 10, 2016
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