Can I buy life insurance for my elderly parents?
Yes, an adult child can buy life insurance on their parents since they do have an insurable interest in their parents, which is required by life insurance companies for someone to buy life insurance coverage on another person.
Since you may have to pay for your parents funeral and burial costs, you have a financial interest in them.
There are small life insurance plans available called "final expense life insurance" which provides money to help pay for the cost of final expenses, including funeral and burial costs.
Some of these final expense policies offer up to $25,000 of guaranteed approval life insurance for people age 45 to 85. And, there's no health exam or health questions asked.
Learn how you can buy life insurance for your elderly parents