Life Insurance for Parents
Looking for life insurance for parents? You can purchase life insurance for your parents as long as you have their legal consent and can prove insurable interest. Life insurance underwriters will consider your parents’ ages, their medical histories, and the level of coverage needed when determining rates. You and your parents can compare burial expense insurance, whole life insurance policies, term life insurance policies, and guaranteed issue life insurance policies by reading down below. If you’re a parent looking for life insurance, our analysis also applies to you. Find the best fit for your family by scrolling down.
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UPDATED: Dec 10, 2020
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- You can purchase life insurance for your parents as long as you have their legal consent and can prove insurable interest.
- Life insurance underwriters will take into consideration the age of your parents, their medical histories, and their necessary level of coverage when determining their rates.
- If you are a parent in need of insurance, the rates and coverage information provided below will also apply to you.
When it comes to life insurance for parents, there are two things to consider. Are you purchasing life insurance for your parent, or are you a parent in need of life insurance? Read through our brief guide for help with both scenarios.
If you want to purchase a life insurance policy for your parents, you will need their consent. But how much life insurance do you need for your mother and/or father?
That depends on their age, health level, and the needs of your family. If you’re purchasing a policy for yourself as a parent, you will be able to determine the limits you need more independently.
Keep reading to discover the different types of life insurance policies available to you and your parents. We’ll discuss rates, coverage levels, and more to ensure you find the best possible policy for your family needs.
Don’t wait to find the right life insurance for you or your parents. Enter your ZIP code into our FREE quote comparison tool above to immediately receive life insurance quotes for yourself or your parents.
Can you buy life insurance for your parents?
Often, when a parent passes, their surviving loved ones are left with any remaining bills. For example, hospice expenses and medical bills, along with other end-of-life expenses.
If you do not have the financial resources to pay for these bills out of pocket, life insurance can offer a welcomed level of support and protection.
Usually, you will be able to buy life insurance for your parents, as long as you have their consent and have proof of insurable interest.
However, the kind of life insurance you purchase for them depends on your individual needs as a family. The age of your parents, their health level, and their financial needs all need to be considered.
In the table below, we gathered average annual rates for the top three life insurance providers based on your parent’s stage of life. Check out the details below.
|Parent Demographics||Best company||Second best company||Third best company|
|Single parent||Massachusetts Mutual Life Insurance Co.: $747.25||State Farm Mutual Automobile Insurance: $832.38||Pacific Life: $902.02|
|Married parents||State Farm Mutual Automobile Insurance: $388.83||Massachusetts Mutual Life Insurance Co.: $389.50||Pacific Life: $432.80|
|Parent in their 40s||Massachusetts Mutual Life Insurance Co.: $321.50||State Farm Mutual Automobile Insurance: $339.75||Pacific Life: $364.25|
|Parent in their 50s||State Farm Mutual Automobile Insurance: $604.50||Massachusetts Mutual Life Insurance Co.: $646.00||Pacific Life: $719.04|
|Parent in their 60s||Massachusetts Mutual Life Insurance Co.: $1317.25||State Farm Mutual Automobile Insurance: $1469.25||Pacific Life: $1604.12|
Use this table as a guideline to help you start shopping for life insurance for your parents.
Remember, your parents will be placed in different life insurance rating classes based on their health level, age, and the financial needs of your family. This will impact their annual rates, and what policies they can be approved for.
No matter how old your parents are or what health they are in, you’ll want to compare rates from multiple different life insurance providers before choosing a policy.
Keep reading to learn about the different coverage levels available to your parents, and to better understand how to compare life insurance policies.
Consent, Insurable Interest, and Life Insurance for Your Parents
To purchase life insurance for your parents, legally, you will need to have both their consent and proof of insurable interest. Before we discuss policy types, let’s define what consent and insurable interest mean.
Having your parents’ consent means they are in their right mind and are able and willing to sign a life insurance policy on their own accord. In most cases, you will not be able to take out a life insurance policy for your parents without their consent.
Insurable interest means that when the person being insured passes on, it would cause you financial hardship as the person taking out the policy. For example, this applies if you are dependent on your parents financially.
Or, if you co-signed any loans with your parents, that debt will become yours after their passing. This is another way to prove insurable interest.
Basically, if losing their financial support in the event of their passing would harm you, then you have an insurable interest in their lives.
Life insurance companies insist upon using insurable interest as it prevents people from taking out a life insurance policy simply because they want to profit off of the death of their parents.
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What kind of life insurance should you get for your parents?
We like to say that life insurance is like ice cream. There are so many different options, it can feel similar to picking out flavors at an ice cream shop.
While at first this can be overwhelming, it also means you’ll be able to find the right ‘flavor’ policy for you and your family, including your parents.
To help you pick the right policy for your parents, think about their end of life expenses. How much will you need after they pass?
For example, consider funeral costs, co-signed loans, or other similar expenses. An insurance provider will likely deny policies that allow you to benefit substantially from your parents’ passing.
Remember, the point of insurable interest is to prevent people from wrongfully profiting off of someone’s death.
You should try to find a policy that will cover only your parents’ death expenses, or you risk being denied coverage. Check out some basic life insurance options for your parents in the following sections.
Burial Expense Life Insurance Rates for Your Parents
Let’s say you only need funeral and burial expenses covered. According to the National Funeral Directors Association (NFDA), the average cost of a funeral is $7,640. Fortunately, funeral rates appear to be increasing at a very slow rate.
If your parents do not have any bills or debts that will fall into your lap after their passing, you might consider purchasing just burial expense life insurance, also called final expense insurance.
This is often a more affordable permanent life insurance policy than most, as the death benefit only covers funeral and burial expenses.
In the table below, we gathered data for average monthly burial expense life insurance rates from United Home Life by age. The death benefit is $10,000. Find where your parents fit.
|Parent Age||Female Average Monthly Burial Expense Insurance Rates||Male Average Monthly Burial Expense Insurance Rates|
If your parent or parents have a terminal illness or very high-risk pre-existing medical condition, they might not qualify for this type of coverage. We discuss other options for people in this situation later on in this article.
There are many other options besides burial expense life insurance that you might consider purchasing for your parents.
For example, there are term and permanent policies that will provide you with a larger death benefit, depending on the after-death expenses that will remain when your parents pass. Keep reading to see if these policies are a better fit for your family.
Whole Life Insurance Rates for Your Parents
One permanent life insurance option your parents might consider is whole life insurance. Whole life insurance is a fixed policy. Your rates and death benefit usually will not change.
As long as you pay the premiums on time each month, you’ll remain covered until you pass. However, whole life insurance can be very expensive, especially for older parents.
In the table below, see monthly rates for a $100,000 whole life insurance policy from State Farm by age at the preferred rate.
|Parent Age||Female Average Monthly Whole Term Life Insurance Rates||Male Average Monthly Whole Term Life Insurance Rates|
If your parents are not in perfect health, those rates could be 25 percent higher, or more. This is not always feasible for every family. However, if you are an adult child dependent on your family, this might be a good policy for you.
Now let’s look into term life insurance policies to see if that might be the right choice for you and your parents.
Term Life Insurance Rates for Your Parents
Term life insurance is usually a more affordable option than whole life insurance and could be a good fit for your parents. However, to purchase this type of policy, they will have to do it themselves.
Term life insurance policies usually last 10, 20, or 30 years. Your parents will have to name a beneficiary to receive the death benefit after their passing.
In the table below, see average monthly rates for a 20-year term life insurance policy for $100,000 from Accordia Life to get a better idea of how much this type of policy might cost your parents.
|Parent Age||Female Average Monthly 20-Year Term Life Insurance Rates||Male Average Monthly 20-Year Term Life Insurance Rates|
To reiterate, your parents will have to take this policy out for themselves. You will not be able to purchase a term policy on their behalf. Keep this in mind while you choose the right type of coverage for your family’s needs.
In the next section, we discuss the type of life insurance you can purchase for your parents if one of them has a terminal illness or other high-risk pre-existing medical condition.
Guaranteed Issue Life Insurance for Your Parents
If your parent or parents have a high-risk pre-existing medical condition, you might consider purchasing a guaranteed issue life insurance policy on their behalf. This type of policy can be very expensive; however, no medical questions will be asked.
Like whole life insurance policies, this type of coverage might be too expensive for some families. However, it is a great option for parents’ who are terminally ill or who have a rocky medical history.
Is it possible to get life insurance for elderly parents?
While it is possible to find life insurance for older parents, expect the costs to be potentially very high. The older you get, the higher your life insurance rates will be. This goes for buying a policy on your parent’s behalf, as well.
Your parents might not qualify for certain types of life insurance policies. Being denied coverage could also cause your insurance rates to increase. So be sure to put in the time and research before you start seeking out policies.
No matter what, compare rates from multiple different life insurance companies before signing you and your parents’ names on any dotted lines. This way, you’ll know with certainty that you’re receiving your best rates without compromising coverage.
Can I get life insurance if I am a parent?
You will be able to purchase life insurance as a parent, regardless of the age of your children. Life insurance for new parents should be purchased shortly after your child is born, and your child should be named your beneficiary.
Life insurance underwriters will consider your medical history and coverage needs when determining your rates. The tables above will apply to you, just like they apply to your parents.
Remember, the older you are, the higher your rates will be.
What kind of life insurance should I get as a parent?
The same information you should consider for your parents is also applicable to you as a parent. You will want to consider your after-life expenses and any dependents you have who may be left responsible for those debts.
Similarly, if your dependents are financially reliant on your income, you should also consider those costs.
Review the different types of life insurance policy options to help you make an informed decision.
Purchase a policy that will account for the income your dependents rely on, plus funeral costs and burial expenses. Remember to include hidden expenses into your death benefit, like health and auto insurance costs.
Make sure you also name an appropriate beneficiary to your policy. You can consider any of the above life insurance policy types for yourself. Your health and medical records will often also be analyzed by underwriters unless you choose a guaranteed issue life insurance policy.
You are now an expert on finding affordable and appropriate life insurance for parents. Whether you’re looking to insure yourself or your mother or father, refer back to our guide as much as needed while you comparison shop for your best policy.
There’s no reason to wait any longer. Enter your ZIP code into our FREE quote tool below to receive rates for life insurance for you or your parents from reputable providers near you.