Yes,
you can buy life insurance for your parents, but there are some requirements in order to purchase life insurance on your parents.
1. If you are going to own the life insurance policy for your parents, you can get a small life insurance policy
to be used on final expenses. If you want to own a policy on them for a larger
amount of coverage, you must show that you contribute to their lives financially, that you would suffer some financial loss if they were to die, for example, you live with them and rely on some support financially for living expenses.
2. If you are going to just pay for the life insurance policy and they will own their own life insurance policies, you can buy them as much as they qualify for financially. The face
amount of life insurance will be based on their income, net worth, and age, as well as, their health.
3. Your parents will need to sign their own life insurance applications, showing their
agreement to the policies you are purchasing for them. Also, they may have to answer some health questions, and maybe take a medical exam.
If you are looking for affordable life insurance to assist in paying for your parents' burial, funeral and final expenses, you may want to consider Globe Life Insurance which offers up to $30,000 of life insurance with no exam for people age 78 and under.
