What is the best life insurance to get for my parents?

Question

I keep getting the gut feeling that I need to get life insurance for my parents. Is that possible? If so, which company is the best?

Answer 1

You can get insurance for your parents and name yourself as the beneficiary.  They will have to participate in the underwriting and application process and you will have to show what you stand to lose financially if something happens to them.  

If you rely on them financially for living expenses, then a term life policy to replace the income they provide to you.  

If you are worried about their final expenses and you don't anticipate that either you or them will be able to afford them then a whole life insurance or universal life insurance policy.  This can also be useful if you want to make sure that a piece of property that they own and you want when they die doesn't go to their creditors.  

If you are worried about one not having enough income if the other dies first then a whole life insurance or universal life insurance policy on the one producing the income should work.  

Other than that you don't really need life insurance on your parents' lives.  You will not be responsible for their debts and bills when they die.  Their estate is responsible.  If you have a family then you should be worried about having coverage on your own life first.  

Answer 2

You have to have their permission and cooperation.  Any A rated company is just fine.

Which is the best type to get?  Well, that depends on the GOAL.  Define the goal, THEN select the product.

Answer 3

How old are your parents?  If they are up in age it may not even be possible.   Just stick with a well known company.   If you already have an insurance agent call them first.

If possible, get them a term life insurance policy with level payments for a certain amount of years.

Answer 4

I would talk to your parents and determine if you just need a final expense policy on them which would cover the burial expenses or if there are other things that will need to be paid for. I would personally go to a company thats been around for along time that actually has an office you can walk into. Thats really important when it comes time to have a check cut for you. you can go to your agents office and have him/her start the process for you instead of having to hunt down an agent you talked to on a 1800#. Some places would be State Farm, Allstate, Nationwide, new york life....places like that

Answer 5

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