Everyone is already aware that if there is someone out there who wants to buy life insurance plan in order to secure and protect the future of his family, he has to do it as early as possible while he is still younger. The reason for this is because if a person will purchase life insurance policy and he is already in his 30's or in his 40's, for instance, it would enable him to pay more because the premium cost of life insurance policy for somebody his age will be dramatically be expensive compared to somebody who is still anywhere around 20 years old. Which is the reason why some people consider it worthless to purchase life insurance policy if they are already in the prime of their lives like 40 years old or above or even at the over-the-hill-age. Now, what about those older parents who are in their fifty's or sixty's? Can they still purchase life insurance policy for themselves?
Perhaps, the obvious reason why an older parent would like to procure life insurance policy coverage so his members of the family can get the insured money to use it for his burial expenses in case he dies anytime. However, the cost of the life insurance policy coverage will be very pricey. And since purchasing life insurance policy for people who are already old is expensive, is there such a thing as children purchasing no physical life insurance for parents? Yes, there is and, certainly, children can purchase life insurance coverage on their parents' behalf and they can put their name as the beneficiaries of that life insurance coverage.
Is this really precisely true? Is it very possible for anyone to purchase life insurance policy for their parents? Yes, and "yes" is the answer to that. Anybody today can actually purchase no physical life insurance for parents. However, there are some few pointers that any life insurance coverage company would try to discuss with the would-be policy holder. One of the reason is "insurable interest". "Insurable interest" will mean that a person has to prove that he'll actually lose money in case one or both of his parents will pass away. This is to make sure and to prevent most people from getting money out from life insurance coverage on their old parents or even some of their relatives so that they can get profit from that incident. There are actually a lot of people who will purchase life insurance coverage in behalf of their parents and then, they will make up a number of stories about an "accidental death" or death due to natural means or sickness while, in fact, the parent died by suicide or he actually killed his parents so that he can get the money. You may have already heard countless stories about people purchasing life insurance for their parents or even for their older relatives, put their name as beneficiary, then, kill that policy holder and make it look like it's an accidental death or death due to illness and then, gets the insured money.
For example, you can claim that as their child, you'll be responsible for funeral expenditures which will set you back $20,000 or so. You can also buy life insurance plan for them if they have a large amount of debt that you will be forced to settle on their deaths. If the parents are living with that person and they are the ones providing care for their grandchildren, then, a person would want to insure that cost of alternative childcare for your kids. There are always some different factors and many different situation that will help the life insurance plan company decide if you are qualified to procure life insurance plan for your parents.
However, there are some people who are wondering if this kind of transaction between them and a life insurance plan is legitimate or not. The answer is, yes, it is definitely legitimate. No physical life insurance for parents is just as legit as buying life insurance plan for people whose recipients are their immediate families or life insurance plan for people with certain health problems or even with felony conviction such as " drunk driving ". What someone or you needs to do is to do a lot of homework first to ensure that the life insurance plan company that you or someone will decide can give the best benefits at a price that everybody can pay for.
Perhaps, the obvious reason why an older parent would like to procure life insurance policy coverage so his members of the family can get the insured money to use it for his burial expenses in case he dies anytime. However, the cost of the life insurance policy coverage will be very pricey. And since purchasing life insurance policy for people who are already old is expensive, is there such a thing as children purchasing no physical life insurance for parents? Yes, there is and, certainly, children can purchase life insurance coverage on their parents' behalf and they can put their name as the beneficiaries of that life insurance coverage.
Is this really precisely true? Is it very possible for anyone to purchase life insurance policy for their parents? Yes, and "yes" is the answer to that. Anybody today can actually purchase no physical life insurance for parents. However, there are some few pointers that any life insurance coverage company would try to discuss with the would-be policy holder. One of the reason is "insurable interest". "Insurable interest" will mean that a person has to prove that he'll actually lose money in case one or both of his parents will pass away. This is to make sure and to prevent most people from getting money out from life insurance coverage on their old parents or even some of their relatives so that they can get profit from that incident. There are actually a lot of people who will purchase life insurance coverage in behalf of their parents and then, they will make up a number of stories about an "accidental death" or death due to natural means or sickness while, in fact, the parent died by suicide or he actually killed his parents so that he can get the money. You may have already heard countless stories about people purchasing life insurance for their parents or even for their older relatives, put their name as beneficiary, then, kill that policy holder and make it look like it's an accidental death or death due to illness and then, gets the insured money.
For example, you can claim that as their child, you'll be responsible for funeral expenditures which will set you back $20,000 or so. You can also buy life insurance plan for them if they have a large amount of debt that you will be forced to settle on their deaths. If the parents are living with that person and they are the ones providing care for their grandchildren, then, a person would want to insure that cost of alternative childcare for your kids. There are always some different factors and many different situation that will help the life insurance plan company decide if you are qualified to procure life insurance plan for your parents.
However, there are some people who are wondering if this kind of transaction between them and a life insurance plan is legitimate or not. The answer is, yes, it is definitely legitimate. No physical life insurance for parents is just as legit as buying life insurance plan for people whose recipients are their immediate families or life insurance plan for people with certain health problems or even with felony conviction such as " drunk driving ". What someone or you needs to do is to do a lot of homework first to ensure that the life insurance plan company that you or someone will decide can give the best benefits at a price that everybody can pay for.
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