Can I Purchase Life Insurance for Parents?

At some point we all face the reality of our parents getting older.  With the costs of funerals going up it may be necessary to take out a life insurance policy to protect your finances in the event one of your parents were to pass away.  To help in getting the information you need we put together some common questions that we get when people are purchasing life insurance for their parents.  If you have more questions or would like to look at a set of quotes for life insurance you can contact us using the form on this page or by phone.

Can I Purchase Life Insurance for My Parents?

life insurance for elderly parentsThe quick answer is yes.  The life insurance company will probably make you show that you will suffer some sort of financial loss in the passing of one or both of your parents.  For example, if your parents provide child care and you would have to pick up those expenses, if your parents have significant debt that you would have to manage as a part of their estate, or if you will have to foot the bill for the funeral then you are going to have no problem getting the insurance company to see why you would need a policy.

Who Owns the Policy?

The owner of the policy is the person who took out the policy and is paying the premiums.  So if you took out a life insurance policy on your parents the you are the owner of the policy and have complete control over that policy.

What Types of Life Insurance are Available?

The type of policies your parents qualify for depend on their age and health.  Term and whole life insurance are the most common.  Term will tend to have a higher face value for less money, but whole life insurance builds up a cash value over time and never expires.  Knowing which one is right for your situation will take a short conversation with one of our agents.  They will ask you the right questions to match you with the life insurance policy for your parents.  The advantage to working with someone who actually knows this market is we can direct you toward the best companies for whatever type of insurance makes sense for you.  A person whose parent are in their 50’s can get much different coverage than for parents in their 80’s.  This expertise allows us to recommend the absolute best policies for your situation

At Taik.org we are dedicated to helping you find the best policy for your needs and then matching you up with the lowest rates from one of the best life insurance companies.  While we work with people of all ages our specialty is helping people looking for life insurance at over 50 years old.  We are an independent agency which gives of the ability to work with all the top life insurance companies and find the one that fist you best. During the process, if you have any questions, one of our agents will walk you through each part until you feel comfortable with that policy.  We value you as a client and look forward to working with you.

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