Can I buy a life insurance policy for my parents?

Can I buy a life insurance policy for my parents?

INSURANCE
If you're an adult child, you may carry a financial burden when your parents pass away or require extensive care. By taking out life insurance on a parent, you can get the money you need to cover final expenses, outstanding debts and lost income. While an uncomfortable topic, having a thoughtful discussion with your parents about life insurance can help protect their legacy. Can you buy life insurance for your parents? You can buy life insurance for your parents, but you need to have an “insurable interest” in their lives. This means you stand to suffer financially from their death. “Insurable interest can exist based on family relationships or for others that may have a financial loss when someone dies,” said Keith Wallace, senior benefits business development manager at PCF…
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