Can You Get A Life Insurance Policy On Your Parents? 
Everything mentioned above is correct . You need to also consider when selecting Life Insurance for somebody that 's older the underwriting process you 'll have to go through . Depending on the benefit amount , some companies have a nonmedical underwriting process . That means mom and dad do n't have to give a blood or urine sample . You 'll see these type of plans on TV . Yet be aware of what you 're buying . Most of the TV Brands do not have guaranteed level premiums for life , or the death benefit is n't paid in full for the first two years . Allow me to explain in more detail . These plans are often called final expense Life Insurance . Generally speaking there or two ways the benefits are paid out . If your parents or in overall good health , without a major event like a heart attack or cancer in the last two years , they should be eligible for what 's called an immediate benefit . Once the policies approved the death benefit is available the next day . The other type is called a graded benefit -LRB- or call date modified benefit in some cases -RRB- . Again , generally speaking , most of these plans have a limited payout the first two years of policy is in force . Some pay a percentage of the death benefit while others refund all your premiums plus an interest rate . These plans are great if mom and dad are in poor health . Some applications have zero medical questions . I often see where someone is sold a graded benefit when they could have received a level benefit with a different carrier . Underwriting is the key factor ! If your parents are in good health they may want to consider a fully underwritten policy . That typically includes a small medical exam . Think of it this way , the deeper the carrier looks into somebody 's health , the better their rate for the same benefit will be . Then there 's the whole question of what type of insurance to get . Whole Life -LRB- which is what the Final expense plans are -RRB- , Term , or Universal Life . The Orman 's and Ramsey 's of the world will tell you to buy nothing else than term . . ever , ever , ever ... . I 'm not going to debate that now . Just going to say they are hurting a lot of people with such narrow , cookie cutter advice . ALL life insurance types have a time & place . If you have further questions ... Reach out . Honored to help ... - gravy . 