Help protect your family’s future. Enter your zip code to get your free quote today!

Get Your Free Quote

Buying Life Insurance for Your Parents

Adults over the age of 60 can generally qualify for life insurance, especially if they're in relatively good health. If you're considering buying a policy for your parents, here's how to determine the right amount and best type of coverage for them. 

life insurance on parents 60+

Why Buy Life Insurance On Your Parents? 

There are several reasons why purchasing life insurance on your parents could be beneficial to you.  

Purchasing life insurance on your parents can ensure that you don’t inherit their debt, or have to pay funeral and burial expenses out-of-pocket. Death benefit proceeds can be used to help cover funeral costs, offset long term care and medical expenses, and satisfy any remaining debt obligations.

The types of life insurance policies that are best for covering those types financial needs are term life insurance, permanent life insurance, and final expense insurance

Term Life Insurance 

A term life insurance policy is generally the least complicated and most affordable life insurance policy, but some people over 60 may have a hard time finding a traditional term policy. If your parents are over the age of 60, securing a term life insurance policy for more than five to 10 years can be difficult and expensive.

Permanent Life Insurance

Permanent life insurance doesn't expire like term life insurance. Once the policy goes into effect, it remains there for your entire life. It also accumulates cash value over time due to its investment component. However, older applicants my run into the same problems they would with a term policy if it's fully underwritten and they aren't in the best health.

Guaranteed Issue Life Insurance

Guaranteed issue life insurance is another good insurance option for older adults (between ages 50-85, in many cases) if they have health concerns. Designed specifically to cover end-of-life expenses, such as your funeral, burial and hospital costs, guaranteed issue policies generally have low face value (usually under $25,000) and do not require a medical exam or a health questionnaire. This makes them ideal for those with preexisting conditions or health issues that prevent them from a traditional life insurance policy

*These plans may have a graded death benefit for an initial period of time.

 

Finding Affordable Rates

Finding an affordable life insurance policy is easier when you understand the process. Read through some of our tips below before applying for a life insurance policy. 

  • Determine your life insurance needs so you don't buy a policy that is too small or too large
  • Apply as soon as possible — even a few years can make a huge difference in premium rates 
  • See if your insurance provider offers discounts on policies bought together (if you want to insure both parents)

Get a Quote

Speak with a licensed agent at 800-966-7169 to get a free quote today.  

*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.

 

 

Help protect your family’s future. Enter your zip code to get your free quote today!

Get Your Free Quote

Related Information

Buying Life Insurance on Your Parents

It's possible to buy a life insurance policy on your parents. There are actually a few good reasons for doing so.

Read More

Yes, You Can Buy Life Insurance On Your Parents

It's possible for you to buy life insurance for your parents. Learn more about what types of policies are available.

Read More

You Can't Buy Life Insurance On A Parent Without Their Consent

If you wish to purchase life insurance on one or both of your parents, you will need their consent to do so legally.

Read More

Reasons to Buy Term Life Insurance for Children

Term life insurance for children provides death benefits if your children die while the policy is active. Learn more about how these policies work.

Read More

Can You Buy Life Insurance for Your Spouse?

You can buy a life insurance policy on behalf of your spouse or partner. Find out how this type of insurance works and how to purchase it.

Read More

Family Term Life Insurance Policies

Term life insurance policies for adults and riders for children help your whole family in the event of tragedy. Discover the benefits of term life.

Read More

Minimum Age For Life Insurance

Looking for a life insurance policy? Here's what you need to know, including the minimum age for life insurance.

Read More

Should You Buy Joint Life Insurance?

Joint whole life insurance could be a great option if you are married. Learn how this type of plan benefits your family.

Read More

Life Insurance in Your State

Do you know the insurance laws in your state? Don't buy a life insurance policy before you read this.

Read More