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The two requirements
Every insurer will look for both.
- Consent: your parent must agree, sign the application and answer any health questions
- Insurable interest: you must stand to lose financially if they die, which children generally do
Who owns it and who pays
You can be the policy owner, the premium payer and the beneficiary while your parent is the insured. Owning the policy means you control it and know it is being paid. Decide in advance how siblings will share the cost and the benefit.
Which policies fit
For parents in their 60s, 70s and 80s, the usual choices are final expense whole life, which asks health questions, or guaranteed issue, which does not but has a waiting period. Term life may still be available for a healthy parent who needs more coverage for a limited time.
Have the conversation first
Ask your parent whether they already have a policy, a prepaid funeral plan or coverage through a former employer. You may find that some of the need is already met.
Common questions
Can I buy a policy on my parent without telling them?
No. The insured person has to consent and sign. An application made without their knowledge is fraud.
Is there an age limit?
Insurers set maximum issue ages, commonly around 80 to 85 for final expense and guaranteed issue policies. Limits vary by insurer and state.
This page is general information, not insurance, legal or tax advice. Policy terms, eligibility and pricing vary by insurer and state. A licensed insurance agent can explain the specific products they offer.