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How to get life insurance on parents?

In order to be able to buy life insurance on one of your parents or both of them, you'll need to prove "insurable interest" to the underwriter of the policy. Insurable interest exists when one party has a close and/or dependent financial relationship to the other. Basically if you can show that you will suffer some kind of financial loss in case any of your parents dies, you'll, most likely, be able to get insurance on them.

Insurance companies usually ask for proof of insurable interest to deter people from taking out frivolous policies on anyone.

Some of the reasons you may need to buy life insurance for your parents:

  • Funeral and cemetery expenses
  • Estate planning reasons
  • Pay bills owed by the parents

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