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  • Writer's pictureGeorge Kolitsas

Can I Buy Life Insurance for My Parents?

Life insurance is one of the most important types of insurance policies. It’s important that you learn about what life insurance can provide so that you can decide if you need to purchase a policy. There are multiple different types of life insurance policies and you should learn more about them if you’re considering this type of policy.

Why is Life Insurance Important?

One of the primary goals of life insurance is to plan for the future. Many people find that purchasing a life insurance policy gives them peace of mind and assurance that their beneficiary would receive a financial sum if they were to pass away. Some people consider purchasing a life insurance policy for their parents, so let’s talk about this possibility and if it could be the right choice for your family.

Life Insurance for Parents

Many of the people that are purchasing life insurance do it to provide for their families. Even if the death benefit isn’t sizable enough to provide for any lost income, it can still work to cover some end-of-life expenses. These expenses can include funeral costs and some medical bills that might be left behind. How much the life insurance policy will be worth will depend on the specifics of what you purchase.

It is possible to purchase a life insurance policy for your parents. In order to do this, they’ll need to authorize the policy. Pricing will follow the typical structure and depend on factors such as age and health status. Keep in mind that purchasing a policy later in life will typically mean higher premiums.

If you’re simply looking for a policy to cover small costs that your parent(s) may leave behind, then consider if a final expense policy could be the right choice for you. This type of policy typically has a smaller death benefit and can cover costs such as paying off cars or credit card debt. This is an excellent option if you’re looking for a smaller policy that wouldn’t necessarily provide large income relief.

There are so many reasons to purchase life insurance. If you’re curious about learning more when it comes to life insurance, feel free to give us a call. We can set up an appointment to provide you with some more information. We look forward to hearing from you and discussing if purchasing a life insurance policy for your parents makes financial sense.

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