Buy Term Life Insurance

My dad is 50 years old and my stepmother is 37, and he wants to purchase life insurance for her. He will pay for the life insurance policy and he is the beneficiary.

Also my stepmother is a housewife.

He was told that he cannot purchase life insurance for her, until he has the same amount of life insurance on himself.

Does this make sense?

No, this does not make sense. The amount of life insurance purchased on one person should not affect the amount of life insurance on ano...

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The price you pay for your life insurance depends on your age and health, among other factors.

Also, there are several types of life insurance available, so the type of plan you choose will impact your premium, as well as, the amount of life insurance coverage you need.

The life insurance company will ask you several questions about your lifestyle and health to determine the rate to be charged for your life insurance.

Your personal risk factors will help the insurance company determine your life...
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Yes, most people can get a life insurance policy if they have Hep C. 

If you want life insurance that pays 100% of the death benefit from the first day you are insured, or for face amounts of life insurance coverage over $100,000, there will be some medical requirements. The Hepatitis C must be stable and liver labs close to the normal range.

People who have never had a liver biopsy will pay higher rates for their life insurance plan, although if you have had a liver biopsy ...

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Yes, you may be able to purchase a life insurance policy on the life of a relative.

You can usually get life insurance on a relative, but even with relatives, some insurable interest must exist between you and your relative in order for you to buy life insurance on the relative.

For example, Nephew Steve cannot take out a life insurance policy on Aunt Amy unless Amy has been living with Steve, if Steve has been contributing to her financially, if Amy loaned Steve some money, or...

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You can name any person, business, or organization as your beneficiary who is a relative, a charity, and/or has an insurable interest (would suffer financial loss if you were to pass away).

You are not required to name your spouse as the beneficiary of a life insurance policy. 

You as the owner of the life insurance plan can choose who you wish to be the one who receives the death benefit from your life insurance policy. Learn more about the beneficiary of a life insurance pol...

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Why do people buy whole life insurance?

There are a few common reasons most people purchase a whole life insurance policy.

1. To provide lifetime life insurance protection.

2. To build up cash value in a life insurance policy over time from which they may be able to take a loan if needed.

3. Because they are older and don;t have any money saved to pay for their funeral and burial expenses.

Otherwise, many people choose to buy term life insurance because it costs a lot less, and provides the most l...
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Yes, you can buy multiple life insurance policies.

When you apply for a life insurance policy the application will ask if you own other life insurance, if so, how many life insurance policies and how much total life insurance coverage do you already own?

The insurance company asks to determine if you are over-insured.

They don't want there to be an incentive for you to take your own life in the future. However, life insurance policies usually have a suicide exclusion of 1 or 20 years, depending...
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Term life insurance is temporary life insurance coverage for a set period of time, usually up to 30 years.

So, would would someone buy term life insurance?

Usually people choose to buy term life insurance for any of several common reasons:

1. To get the maximum amount of life insurance for their money.

2. To have flexibility in choosing how long they have life insurance protection. 

3. To provide for short-term life insurance needs.

4. Budget - Because they have a limited amount of money and need t...
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Yes, you can get life insurance on other people.

There must be insurable interest as defined by economic loss at the demise of the policy insured.

That means, you must suffer some financial loss of the insured person were to die, or you rely on the insured person for some means of financial support.

If no such financial liability can be established the life insurance company will deny the application. Unrelated parties with no business nor personal economic relationship cannot ...

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