Can you purchase life insurance on your parent or parents?
Yes, you may buy life insurance on your parents.
How is it possible? Because, life insurance companies allow people to buy life insurance on someone else with whom they have an insurable interest.
What is insurable interest? It basically means if you rely on someone for financial support, or if you would suffer financially if the other person were to die, then you may buy life insurance on that person.
Insurable interest does exist between spouses, siblings, parents and their children, among others.
In order to buy life insurance for your parent you may need your parent's permission and signature, as well as, having your parent answer some health questions.
Learn more about
how to purchase life insurance for a parent.
