What Life Insurance Company will let you buy a policy for your parents and pay for it yourself?

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What company will just require a paper filled out by the parent giving the child permission to get life insurance?

10 Comments
  1. Reply
    mbrcatz17
    June 26, 2011 at 9:03 am

    Any of them. But the parents will likely also have to submit to a light physical, in addition to releasing medical records.

  2. Reply
    Nelson_DeVon
    June 26, 2011 at 9:30 am

    I think almost all of them will. It is required that the person who is insured knows about it.

  3. Reply
    LifeInsuranceAgent
    June 26, 2011 at 10:17 am

    You can buy a policy on your parents but your parents will have to sign off as the insureds, and they will need to go through the required exams, etc.

  4. Reply
    Kitty
    June 26, 2011 at 11:09 am

    Any company will. You will most likely have to answer some questions regarding it though since the company will want to make sure you have no plans of knocking off both your parents so to collect a nice amount. AND they will most likely have to have a physical.

  5. Reply
    some advice
    June 26, 2011 at 11:53 am

    Anyone can purchase or own a life insurance policy on anyone they want, as long as the owner has an INSURABLE INTEREST in the continued life of the insured. In a nut shell, the owner of the policy (if a person) would have to suffer financial hardship should the insured pass away.

  6. Reply
    C R
    June 26, 2011 at 12:28 pm

    ‘Insurable interest’ as the person stated above, is one key factor.

    Another key factor is whether or not your arrangement would present a ‘moral hazard.’ That means the company has to evaluate whether the situation of having life insurance on someone other than yourself presents a temptation so strong you might do something illegal to benefit.

    In the end, because of the temptation of financial gain, I believe you will find very few children with policies on their parents.

    Unless you are their legal guardians, your parents would have to be the policy owners. You could simply pay the premium when it comes each month.

  7. Reply
    ricks
    June 26, 2011 at 1:21 pm

    Most any company will. The owner of the policy does not have to be the insured. Most likely, both of you will have to sign forms & they will answer some health questions. In some instances, they may need a physical. Depending on the policy type, amount, age, or other factors, they may not require an exam.

  8. Reply
    MostChoice.com
    June 26, 2011 at 1:38 pm

    As the other answerers have said, pretty much every life insurance company. It’s not that much different from if you take a life insurance policy out on yourself, except your parents are the insured and not you. They have to answer medical questions and perhaps undergo medical examinations. They are the insured and you are the policy owner. The paper giving the child permission would be your parents filling out the application, signing it, et al.

    If you’d like to talk with local life insurance agents without any obligation and view online instant life insurance price quotes, try MostChoice.com.

    http://www.mostchoice.com/life-insurance.cfm

    Hope this helps,
    Barnes@MostChoice

  9. Reply
    Truth is best option to trust
    June 26, 2011 at 1:54 pm

    Any company will let you do that. Just talk to the agent and there’s forms to fill out.

  10. Reply
    insureman612
    June 26, 2011 at 2:36 pm

    Any company will do it, but you will need their signature on the application. Also, if you are in a different state then they are, you are better off getting a quote from their state. You can get one here. http://www.kqzyfj.com/click-2177451-10426215 Make sure to only deal with independent agents, who can sell for any company.

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