Adult children do have an Insurable Interest in their parents.
Insurable Interest is required in order to buy life insurance on someone else.
Many adult children buy life insurance on their parent for a number of reasons, including but not limited to the following:
- To pay for final expenses 0 funeral and burial costs.
- To reimburse child for loan made to parent.
- To leave a legacy to the parent's grandchildren.
- To pay for end-of-life expenses including medical bills and credit card debt.
These are just a few of the reasons why adult children buy life insurance on their Mother or Father.