Affordable Life Insurance for Parents


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How Can I Buy Life Insurance on My Parents

The most common question:

How can I get life insurance on my parents?

how to demonstrate insurable interest on a parent for life insuranceIf you’re looking to buy life insurance on a parent, the most important thing for you to understand is the term “insurable interest”. In order to buy a life insurance policy on your mother or father, you have to demonstrate insurable interest to the Life Insurance company.

Insurable interest simply means that you would incur some type of financial loss from the death of a parent.

If you’re financially responsible for taking care of things such as:

  • Funeral and Burial Expenses of a Parent
  • Debts of Your Parents such as Mortgages and/or Credit Cards
  • Paying Estate Taxes of Parents 
  • Medical Bills, Nursing Home Care, and End-of-Life Hospice Costs
  • Other Types of Cost and/or Expenses Resulting from the Death of Your Parent

By demonstrating a financial loss from a death: you’ve established an insurable interest in your parent’s life insurance policy.

(Important Note To Understand on Insurable Interest: It only has to be proven if you taking out a policy on a parent, name yourself beneficiary, and pay the premiums on their policy. If you’re only helping a parent shop for the best life insurance rates and you are not paying for the policy, demonstrating insurable interest does not apply. 

Once “insurable interest” is established, you have to decide on how much coverage to buy:

How Much Life Insurance Should I Buy on My Parents?

Always remember to apply for a death benefit amount that is appropriate when reviewing your insurable interest in the policy. This means you should only buy a coverage amount that is needed to make you “whole” financially from death of a parent (and not to get rich from his/her death). 

An easy way to do this is calculate the estimated costs you would incur in the event that your mother or father passed away. Here’s an example:

Description of Financial Loss

Estimated Cost

Funeral Costs


Remaining Mortgage on Home


Your Estimated Total Financial Cost: $35,000 

In this example, we’ve demonstrated a $35,000 insurable interest for life insurance. Coverage for this amount can be purchased and will be used to cover your financial expenses that result from the death of a parent. This death benefit will be used to pay off these costs that you will incur.  

Once you have estimated your total costs, the next step is to shop for affordable insurance rates. We’ve made it easy for you to compare top life insurance rates for parents:

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