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Suave | Is it o.k to purchase life insurance on your parents without them bieng offended? |
I have been contemplating the idea of purchasing a life insurance policy on my parents, because they both are about 62 years old and I know that eventually as much I would never want it to happen they are going to die. And the way I look at it why not insure them is it wrong to think this way? I am thinking that it makes sense to buy life insurance on your parents, because they will most likely die before I do (I am 36 years old) and i hate to look at it this way, but too me it seems like a wise investment. Can I purchase the life insurance w/out them finding out about it? Because I think they may feel like I am just using them as an investment, but I really am not, I just think that If I ever lose my parents it would be a major loss in my life, and if a little money would help ease the pain and make my life a little easier it's the least that I can expect to compensate for my loss....Does this make any sense to anyone or am I the first to look at it this way? |
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Askala Maryam
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Your question is a curious one. The part that makes you look deceitful and selfish is when you say, "too me it seems like a wise investment. Can I purchase the life insurance w/out them finding out about it? Because I think they may feel like I am just using them as an investment, but I really am not, I just think that If I ever lose my parents it would be a major loss in my life, and if a little money would help ease the pain and make my life a little easier it's the least that I can expect to compensate for my loss..."
Firstly, how can you even suggest that "a little money would help ease the pain and make my life a little easier it's the least that I can expect to compensate for my loss ..."? How can you say that MONEY can compensate for the loss of a loved one? *IF* they are loved and not looked at only as a cash cow to "make my life a little easier." How does MONEY ease the pain? What a mercenary view of life!
LIfe insurance is designed to compensate for an economic loss. If you are 36, unless your parents are supporting you now, how would their death be an economic loss to you? At the most, if they are totally destitute, you'd need a little to pay for a funeral; and, they may have already taken care of that.
"Investment"? Investing in the liklihood of their dying? Wow, now that is a new way of looking at "blood" relations!
If you even have to ask if you can buy it without their knowledge, you are revealing that you suspect they would not approve; and, you are revealing a lot about yourself and your motives.
Your parents' death at some point in the future is not designed for the purpose of you making money off of it so your life can be a little easier.
"Am I the first to look at it this way?" I'm sure you're not the first to see mom and dad's deaths as a way to make money. Some have even 'arranged' for mom and dad to trigger the payment of proceeds through various means. However, based on your questions and comments, I suggest that maybe it should be *THEY* who live longer and have insurance on YOU! |
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Faye H
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You're looking at your parents death as a way to make money?
If you want to invest, buy stocks or mutual funds.
If you want to buy life insurance to cover the cost of funeral expenses, fine. You might find that the cost of the premium on life insurance for two 62 year olds is higher then you thought making it a really lousy investment. Insurance companies aren't stupid. They also know 62 year olds are going to die so the premium is high.
You're better off investing in your own retirement then waiting to collect on your parents life insurance. Then what if they live to age 92? You'll be paying that premium for 30 years, waiting to collect. |
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JoeStalin
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At their age there are not a lot of insurance companies that will insure for sizeable amounts of money without things like medical background checks, physicals etc. It really depends on how much you want to purchase. I'm 27 and had to go through blood test, physical, paperwork et. to get insured for 250k. You would probably have to commit some fraudulent acts in order to fill out forms and data gather as your parents. With that said, I suppose if you had access to the right information about your parents, it could be done anonymously. |
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frogbfound
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no you can't get it without them knowing but you could sit down and have a frank discussion with them and explain your thought process with them. I know if I could afford to put insurance on my parents they would be supportive of the fact and be happy that I had thought of it. Its not profiting off of thier deaths its really about taking care of yourself. and what parent wouldn't want that? |
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nkc72
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Life expectancy for a male is 75 years, on average. For a female, it is 80 years.
You might first check into how much it will cost per month to buy this insurance, then decide if you feel the price is worth it.
Would you name yourself the beneficiary of the policy or someone else? |
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MissV
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There is no compensation for loss of a loved one. If your parents trusted you more they would have taken one out on their own lives and left you as the beneficiary. If, however, you need coverage to pay for their burial expenses, then they shouldn't be offended by it.
And, no you can't take it out without them knowing about it because the underwriter will want to talk with them to insure that the application is correct with regards to their medication and health issues. |
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batwanda
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Many seniors do just that, tell their kids to take out a policy. the important part is YOU pay for it, and it is expensive at their age. THey must know I believe (speak to an insurance agent) many people see this as a way of giving their kids an inheritance.
or have them take the policy out, listing yu as beny, and give them the money to pay a year at a time on it. |
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J. B
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As far as "Funeral Insurance" you can buy it on them without their knowlege. People do it all the time. It's perfectly legal (contrary to what some of the other answerers here have posted.) Just go to your local funeral home and see what they offer.
Sounds like you are wanting to buy life insurance as an investment. I would recommend putting your money elsewhere. If your parents are in their 60's and healthy, they have a long life ahead of them. You would likely be paying for a long time and will likely lose money. |
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mbrcatz
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Well, you can't DO it if it offends them, you need their permission!
They MIGHT get offended! But what does THAT have to do with it? Either they give you permission, or they don't. If they don't give you permission, you can't.
You can't buy insurance on them without their finding out about it. They need to sign the application, OH, and release their medical records, and don't forget they have to give blood and urine samples in a paramed exam.
As far as making sense . . . if you're trying to do it behind their backs . .. it makes you look like a golddigger. But not a bright one - because life insurance at that age is going to be EXPENSIVE. Like, maybe $5,000 a year, a piece, if they're in EXCELLENT health.
Most of the time, people don't start taking out policies at that age. Either they have the assets for their burials, or you can't afford the premiums anyway. |
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CaseyAngelEyes
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Not only is it ok, but it is being financially responsible. You may want to try a website that compares multiple companies at once to get you the best price. I am paying less than ½ after I did.
Go to: http://www.insureme.com/landing.aspx?Refby=616164&Type=life
Take care,
Casey |
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hightechchic
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It's very smart to plan ahead. Everyone will, eventually, have final expenses and for those who don't plan... well, the kids may very well get stuck with the costs.
There's nothing at all wrong with wanting to protect yourself from that kind of expense (and at the worst possible time to deal with the stress of it, too.)
However, all that being said, under Federal law, the applicant for any life insurance policy must be present at the time of application and must sign the application personally. (You could be listed as the policy owner, though, if you wanted.)
Still, this is a good opportunity to discuss the inevitable. No, it's not a lot of fun. But having recently dealth with the passing of my grandfather, I can tell you that it's MUCH better to discuss these things up front than to be left wondering how to proceed (and how to pay for whatever options you choose) at the last minute.
On the other hand, I'm not sure that you would really want to discuss it with them like it's an "investment." (Yes, you can bet that won't go over well!) Also, when you start to look at the prices for 62 year olds, I suspect you'll decide that a small policy to pay for final expenses if more realistic anyway. |
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smithhds1
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I AM LOOKING FOR LIFE INSURANCE FOR MY 85 YEAR OLD MOM. |
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