Yes
you can buy life insurance on your parents. You'll need to justify the amount
life insurance on your parents, and you will need their signature on the
application acknowledging them as the insured on the life insurance policy.
Life
insurance on parents is an under utilized financial tactic for the next generation's
economic benefit.
If
you buy life insurance on your parents, they are the insured’s, and you are the
owner of the policy and you pay the premiums. You would want to name yourself
as the beneficiary on both of your parent’s life insurance policies.
If
you only need a small amount of life insurance on bot of your parents to help
with final expenses you may want to consider Globe Life Insurance which offers
up to $30,000 of simplified life insurance without any health exam required.
