Life Insurance for Your Parent Over 70
Many adult children look into life insurance for a parent so that funeral costs or remaining bills do not fall on the family. You can start the process on a parent's behalf, but there are a few rules to understand first.
Insurable interest
To own a policy on someone else's life, you must have an "insurable interest" — meaning you would face a real financial or emotional loss if that person died. Children generally have an insurable interest in their parents, and spouses in each other.
Your parent's consent and signature
You cannot buy a policy on a parent without their knowledge. The insured person must agree, typically answers the health questions, and usually signs the application. An agent may need to speak with your parent directly.
Who pays the premiums
An adult child can be the policy owner and pay the premiums, or the parent can own the policy and the child can help pay. Who owns the policy affects who controls it and who can name or change the beneficiary, so it is worth deciding together.
What to talk about with your parent first
- What the coverage is meant to pay for, such as a funeral or remaining debts.
- Whether they already have a policy, pre-paid funeral plan, or savings set aside.
- Who will own the policy, pay for it, and be the beneficiary.
- That they will need to answer some health questions and sign the application.
For many parents over 70, the most common choice is a small whole-life policy. Read more in our guide to final expense insurance over 70.
When you are ready, request a quote and choose "My parent or spouse." An independent agent will compare what is available in their state.