Can You Buy Life Insurance for Your Parents?

You can obtain life insurance for your parents if they give consent and participate in the application process. You’ll typically be the policy owner and beneficiary, while your parents are the insured.

The main reason to get life insurance for your parents is to cover final expenses like funeral costs. It can also replace lost income if you or other family members depend on their financial support.

As the policy owner, you're responsible for paying premiums, managing the policy and receiving the death benefit. In some families, siblings split the cost. Your parents may need to complete a medical exam and provide personal details during underwriting.

When buying life insurance for your parents, understanding the medical underwriting process helps you prepare and potentially secure better rates. Most insurers require medical exams for applicants over 50, with requirements becoming stricter with age.

What to Expect During the Medical Exam

The life insurance medical exam typically takes 30 to 45 minutes at your parent's home or a medical facility. A licensed nurse collects basic health information, including height, weight, blood pressure and pulse measurements, plus blood and urine samples to screen for conditions like diabetes and heart disease.

Health Conditions That Affect Premiums

Common health conditions impact rates. Diabetes, heart disease, high blood pressure and cancer history all affect premium calculations based on severity and control. Cancer survivors may qualify for standard rates after being cancer-free for several years.

Alternative Options: Parents with health challenges can consider accelerated underwriting using medical records instead of exams, no-exam policies or guaranteed-issue insurance that accepts applicants without health questions.

While most states follow similar basic rules, some have unique requirements that affect how you buy life insurance for parents. States like California require notarized consent forms for larger policies, while New York mandates specific language about insurable interest in all consent documentation.
 

Medical exam requirements also vary significantly by state. Massachusetts allows simplified questionnaires instead of full exams for seniors seeking smaller policies, while Pennsylvania requires medical exams for any coverage over $100,000 regardless of age.
Several states impose coverage limits or age restrictions that affect your options. Ohio caps coverage at 10 times the parent's annual income, and Illinois restricts new applications for people over 85 except for final expense policies under $25,000.

Before starting your application, research your state's specific requirements or consult with a licensed insurance professional familiar with local regulations. This preparation ensures a smoother application process and helps you secure appropriate coverage for your parents.

Determining the right amount of life insurance coverage for your parents helps ensure the policy covers funeral expenses, medical bills and possibly an inheritance or donation to an important cause. Underestimating coverage, especially for elderly parents, could leave your family with financial burdens, while overestimating could result in unnecessarily high premiums.

To determine how much life insurance your parents need, consider these steps:

Once you've gathered this information, you can use it to choose a policy that aligns with your parents' needs and financial goals. The right amount of coverage balances adequate financial protection with a premium that fits your budget.

Life insurance for your parents offers financial security and reassurance for your family when they die. You might consider it for funeral expenses or debt settlement, among other reasons:

• Funeral Expenses: Funerals can be costly, but life insurance eases this financial burden during difficult times.
• Debt Settlement: If your parents have debts like mortgages, credit card balances or loans, life insurance can pay these off, preventing their transfer to the family.
• Income Continuation: If your parents help support your family financially, life insurance can cover that lost income when they die.
• Estate Planning: Life insurance aids asset distribution and provides an inheritance for beneficiaries.
• Charitable Giving: If your parents support a charity, life insurance can fund a legacy donation.
• Final Expenses: Beyond funerals, life insurance can cover medical bills and legal fees.

Consider how these reasons apply to you and your family and how a life insurance policy could ensure financial stability.

Age is one of the most significant factors affecting the cost of life insurance for your parents. Premiums increase with age. Due to higher risk factors, life insurance for parents over 65 tends to be more expensive than policies for parents in their 30s.

For example, a 50-year-old male might pay about $51 monthly for a 10-year term policy with $250,000 coverage. The same policy could cost a 70-year-old around $377 per month.

The following table shows how pricing changes based on age, coverage level and policy terms, so you know what to expect.

*These rates are based on average term life insurance quotes for applicants who don't smoke and have average weight and health ratings. Actual life insurance quotes will vary significantly depending on your age, lifestyle, health, gender, location, policy type and coverage amount. Consult with licensed insurance professionals for personalized quotes.

Other factors that affect the cost of life insurance for older adults include:

Securing a life insurance policy for your parents can be straightforward if you know where to look and what to consider. You have several options for purchasing life insurance, each with advantages:

Choosing the right type of life insurance for your parents involves weighing their financial needs, health status and long-term objectives. Each policy type has pros and cons, so take time to assess which best aligns with your family's goals.

Term life insurance is straightforward and often the most affordable option. It provides coverage for a fixed time frame, commonly 10, 20 or 30 years.

If your parents are in relatively good health and you're looking for a cost-effective way to provide financial security for a set period, term life could be a good fit. Once the term expires, coverage ends, and a new policy will likely cost more due to your parents' increased age.

Term life insurance works well for parents over 60 who need to cover specific financial responsibilities like debts or want to provide an inheritance during their most vulnerable years.

Whole life insurance covers your parents for their entire lifetime and builds cash value as an investment. This type of policy is more expensive than term life but can serve as both a financial safety net and an investment vehicle. Whole life insurance works well if your parents want to leave a legacy or accumulate cash value for future needs.

Universal life insurance gives you flexibility by combining permanent coverage with investment opportunities for your cash value. You can adjust how much you pay and your coverage amount based on what you need. The downside is that market losses can reduce your cash value since it's tied to investments.

Final expense insurance, sometimes called burial insurance, helps pay for funeral costs and other end-of-life expenses. You'll get less coverage than other policies, but it costs less and focuses specifically on these final costs.

If your primary concern is relieving your family of the financial burden of funeral costs, this could be a suitable option. Final expense insurance works especially well for elderly parents since it directly addresses costs from their death, ensuring these expenses don't create financial stress for the family.

No-exam life insurance eliminates medical exams but still requires health questionnaires and prescription database reviews. These policies offer faster approval than traditional underwriting while providing higher coverage limits than guaranteed-issue options.

This type works well for parents with minor health concerns who want to avoid medical exams or need coverage approved quickly. You'll typically pay slightly higher premiums than fully underwritten policies, but the convenience and speed often justify the extra cost for busy families.

No-exam policies still require health questionnaires and may have age restrictions. Coverage approval depends on your responses and prescription database reviews

Guaranteed-issue policies accept any applicant within age limits (typically 50 to 85) without health questions or medical exams. These policies include a two-year waiting period where natural death claims receive only premium refunds plus interest, though accidental death coverage begins immediately.

Coverage amounts are limited, usually between $5,000 and $50,000, with higher premiums due to the increased risk insurers accept. This option works best for parents with serious health conditions who can't qualify for traditional coverage and need basic financial protection for their families.

Joint life insurance covers both parents under a single policy with two main options: first-to-die and survivorship coverage. First-to-die policies pay benefits when the first spouse dies, providing immediate financial protection for the surviving parent at lower costs than two separate policies.

Survivorship life insurance (also called second-to-die coverage) pays benefits only after both parents die, making it ideal for estate planning and wealth transfer to heirs. This option works best when both parents are healthy and your primary goal involves leaving an inheritance rather than providing income replacement for a surviving spouse.

Choose joint coverage when both parents have similar health statuses and life expectancies. Individual policies work better if one parent has significant health issues or you need immediate protection for the surviving spouse.

Age is critical when selecting a life insurance policy for parents. Different age groups need different types of insurance because people's financial situations change as they get older.

Younger Parents (Ages 25 to 40)

Younger parents may be in the early stages of family life and facing significant financial obligations like mortgages or children's education. Term life insurance works well here because it provides substantial coverage for less money during the years when they need it most.

Middle-Aged Parents (Ages 40 to 60)

As parents enter their middle years, their financial focus may shift toward saving for retirement or supporting older children through college. This age group might benefit from whole life insurance or universal life insurance, which provides lifelong coverage and builds cash value for later use.

Parents Over 60

For parents over 60, especially those managing estates or leaving a legacy, whole life insurance or final expense insurance are suitable options. Coverage for parents over 60 often focuses on end-of-life expenses and financial security for beneficiaries. Final expense insurance works well for this group. These policies ensure their death doesn't financially burden the family while providing fixed coverage regardless of future health changes.

Also read: Best Age to Get Life Insurance

Getting life insurance for your parents helps you plan ahead and protects your family from financial strain. Whether you're covering funeral costs, outstanding debts or replacing lost income, having a policy in place ensures peace of mind. With your parents' consent and meeting insurer requirements, you can become the policy owner and manage coverage that fits your family's long-term needs.

Getting life insurance for your parents works differently than buying it for yourself, so you might have questions about the process. We've addressed a few common questions to help simplify the process for you.

Shopping for life insurance as a parent feels overwhelming when you're already juggling family responsibilities, work demands and financial planning. You need accurate rate information that reflects what you'll actually pay, not generic industry averages that don't match your situation.

We designed our research specifically for parents by gathering 248,399 quotes across multiple demographics to show realistic pricing for different family situations. Rather than relying on published rate cards or industry estimates, we obtained actual quotes from major insurers to calculate what parents typically pay for coverage.

Our Sample Customer Profile

We used a standard profile that reflects common parent demographics:

• 40-year-old man
• Nonsmoker
• 5 feet 9 inches tall and 160 pounds
• Average health rating

For women's rates, we adjusted the profile to 5'4" and 120 pounds to reflect realistic demographic differences in pricing. We also gathered quotes for parents in their 30s, 50s, 60s and 70s because life insurance needs and affordability change as your family grows.

Why This Approach Works for Parent Shoppers

Life insurance pricing depends heavily on personal factors like age, health and coverage amount. Generic industry averages don't help when you're budgeting for your family's actual needs. Our multi-demographic approach shows you realistic rate expectations based on where you are in your parenting journey.

Data Analysis Beyond Individual Quotes

Beyond collecting individual quotes, we identified pricing trends across our dataset. These patterns allowed us to calculate projections and extend our analysis beyond the original quotes, giving you a fuller picture of how rates change across different demographics and coverage amounts.

Current Market Data

All pricing and company data were last updated in 2025, ensuring current market rates inform our recommendations and comparisons. This recent data matters because life insurance rates fluctuate with economic conditions and company underwriting changes.