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Life insurance for sick parent. Can you buy it?
YES! You can purchase life insurance for your sick parents to help cover the funeral expenses and final debts they leave behind.
Part of protecting them is protecting yourself as their child, especially from unforeseen bills that could impact you financially after their death.
Many times, when a parent dies, surviving loved ones are left with the bills and may not have the resources needed to handle any end-of-life expenses their parents might leave behind such as credit card debts or estate taxes. Not to mention the thousands of dollars needed to cover their funeral expenses.
For example, your parents may own a house which they intend on leaving to you once they pass. The house may still have a mortgage outstanding and thus when they die the mortgage would get passed down to you. In this case, you may not have the extra money to take on the mortgage. The senior life insurance that your parents had, could be a viable option to support this extra financial liability.
But maybe their fixed and limited retirement income did not allow them to add an extra life insurance policy’s expense.
Buying life insurance for your parent can provide financial protection in the event that the parent dies and has left unpaid expenses or outstanding loans.
The truth is that now they are sick, and you think they are uninsurable.
Even you would like to buy life insurance for your parents, you wonder if it’s possible…
You can purchase life insurance covering your sick parents
However, there are few criteria that must be met before an insurance company will allow you to purchase this type of policy.
- First, in order to buy a life insurance policy for your parents – doesn’t matter if they are healthy or sick, you will need:
- their consent
- the proof of insurable interest.
- Second, you must find out what type of policy your parents are qualifying for and how much coverage not only they need and want, but they can have based on the financial needs analysis.
You should be aware that, besides your parent’s overall health, their age is one of the biggest factors in determining what kind of life insurance they can qualify for. Tobacco use will also impact the policy’s price.
- Third, decide who will own and pay for the policy.
Typically, the person paying the insurance premiums is also the owner of the policy.
Now, you can talk with your parents about life insurance and their final arrangements. Once your parent understands the necessity of life insurance, you can talk with a financial security advisor and follow with the process of getting a senior life insurance policy for them.
Even if your parent does have pre-existing conditions or medical issues, there are still options available.
No medical exam life insurance can be a good option. These policies are usually issued based on answers to a few health questions on the application.
Another option can be Guaranteed Life Insurance plans. Guaranteed plans typically max out at about $25,000 in coverage and include a two-year waiting period before the death benefit can be paid. So, if your parent dies within two years of signing up for the policy, you as beneficiary will only get a payment equal to the monthly premiums that were paid. After the two years waiting period the death benefit will be paid in full.
We specialize in helping people over 50 secure the best life insurance coverage that is available for them no matter their health conditions or medical issues.
Applying for life insurance is a no-cost, no-commitment process.
You don’t have to make a final decision until you get your final price and approval from your life insurance company.
You can request a life insurance quote for your parent and…