What is The Best Life Insurance for My Parents?

I keep feeling I need to get life insurance for my parents. Is that possible? If so, which life insurance company is the best?

You can buy life insurance for your parents and name yourself as the beneficiary.

Your parents will have to participate in the underwriting and application process, answering some health questions, and you will have to show what you stand to lose financially if something happens to them.

However, a child and parent do have Insurable Interest in each other, so you should be able to purchase life insurance on your parents.

If you rely on them financially for living expenses, then a term life insurance policy to replace their income may be something to consider.

If you are worried about their final expenses and you don’t anticipate that either you or them will be able to afford them then a whole life insurance or universal life insurance policy.

If you are worried about one not having enough income if the other dies first then a whole life insurance or universal life insurance policy on the one producing the income should work.

Other than that you don’t really need life insurance on your parents’ lives. You will not be responsible for their debts and bills when they die. Their estate is responsible. If you have a family then you should be worried about having coverage on your own life first.

You can request free life insurance quotes online from top-rated insurers to help you find the lowest price on the best plan.

Here you can get quotes from different life insurance companies in your area, its the best way to find an affordable life insurance with a reliable company.

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