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Can you take out a Life insurance policy on a parent?
Yes, you can take out a life insurance policy on a parent. There must exist insurable interest between the owner and insured of a life insurance policy. There does exist insurable interest between spouses, parents and children, and siblings. So, yes, you can buy life insurance on your parent. Your parent may need to sign the application, answer some health questions, or take a medical exam to qualify for life insurance.
How can you buy life insurance for a parent?
You can purchase life insurance online for your parent. Anyone can purchase life insurance for their parent, because they have an "Insurable Interest" in their parent. You can compare free life insurance quotes online, or purchase life insurance direct online for a parent. However, your parent may need to sign an application form, and your parent may need to take a physical exam, and/or answer some health questions.
What personal details do you need to take out insurance on a parent?
To take out life insurance on a parent, you'll need to provide complete background and health information and the parent will have to know they are being insured.
Can a parent take out life insurance on their adult children?
Yes, an insured and a beneficiary have to have an insurable interest to be able to have a life insurance policy. Parents/children are considered to have insurable interest
Can you purchase life insurance on your parent?
Yes, with your parent's knowledge and consent.
Can a child buy life insurance on a parent?
Yes.
How old can a parent be for a person to get life insurance on them?
Assuming the parent is an adult, most life insurance companies will issue policies on someone as old as age 75-80.
Can an employer force you to take health insurance if you have insurance with your parent?
i do not think so
Can a parent take life insurance out on another parent if they are divorced and have children together?
Probably, but you would need the cooperation of the other person to do so. Might not be a bad idea if you are the parent depending on child support. Just go with term insurance for the period of time when the children are minors.
Can the mother of adult college student take out a life insurance on the student although the father is the parent who signs for the student loans?
yes
Can a parent get life insurance on a child that is married without the spouses knowledge?
Is the child willing to sign the application and take the physical? I don't see why not.
Why take out life insurance policy on your daughter?
As a fan of Suze Orman, I listen for these little pieces of information. She recently told her audience that she has been wrong for many years to tell us that life insurance on a child is only a benefit to the insurance salesperson. If a parent looses a child, the payment from a life insurance will do nothing for the parent except help pay for burying their child. She explained that she realized she had been wrong on this point when a grieving parent told her that after the death her child, she was so distraught that she had been unable to return to work for several months. The life insurance money was invaluable in allowing her to be able to afford to take those months off from her job. That sounds like a good reason to me.
