Life Insurance for Parents

When you're responsible for aging parents or starting to think about their long-term needs, life insurance may not be the first thing that comes to mind. But in many cases, a life insurance policy for parents can provide financial protection, peace of mind, and a thoughtful way to prepare for the future. Whether you're helping your parents manage medical expenses or looking to leave a legacy for the next generation, understanding your options is a smart move. If you’re wondering ‘can you get life insurance on your parents,’ this guide will help inform your decisions.

Why Consider Life Insurance for Your Parents?

Life insurance can be a valuable tool for adult children supporting aging parents, whether you're planning ahead or already acting as a caregiver. Here are a few reasons why it might make sense.

Cover final expenses and medical bills

Funerals and end-of-life costs can add up quickly, often running into the thousands. A life insurance policy can help cover these expenses, as well as any lingering medical bills not covered by Medicare or insurance. It’s a way to reduce financial stress at an already difficult time.

Protect your financial future as a caregiver

If you're helping support your parents, financially or otherwise, their loss could impact your income, savings, or ability to work full time. A policy payout can help soften that blow, offering a financial buffer so you can take the time you need to grieve and adjust.

Leave a legacy for grandchildren or dependents

Some families use life insurance as a way to leave behind something meaningful, whether to help pay for a grandchild’s education or support a dependent with special needs. If your parents want to contribute to future generations, a policy can make that possible.

Can You Get Life Insurance on Your Parents?

Yes. In most cases, you can purchase life insurance for a parent, as long as certain criteria are met. Here’s what to know:

Consent and insurable interest explained

To take out a life insurance policy on a parent, you must have their permission. They’ll need to sign the application and, depending on the policy type, may need to answer health questions or take a medical exam.

Legal and ethical requirements

Beyond consent and insurable interest, most insurers require full transparency. Trying to buy a policy without your parent’s knowledge is unethical and also not allowed in most states. In many cases, misrepresenting details on a life insurance application can be considered insurance fraud.

It's also worth noting that older applicants may face stricter underwriting, shorter term lengths, or higher premiums depending on age and health.

What happens if they already have a policy?

If your parent already has life insurance, you have a few options. They may be able to increase coverage, convert a term policy to permanent coverage (if applicable), or add you as a beneficiary if they haven’t already. In some cases, you may also help pay the premiums to keep the policy active, but the policyholder typically retains control unless it’s legally transferred.

Types of Life Insurance Policies for Parents

Several types of life insurance on parents are available, depending on their age, health, and coverage needs. Here's how the options compare:

Term life vs. whole life

Term life insurance provides coverage for a specific period, such as 10, 15, or 20 years; and can also offer higher coverage levels. It’s generally more affordable than permanent options and is a good fit for short-term needs like covering final expenses or debts. However, term policies expire, and coverage ends unless renewed or converted.

Whole life insurance, on the other hand, lasts a lifetime and includes a cash value component that grows over time. Premiums are typically higher, but they stay level, and the policy builds value that can be borrowed against or used to help with expenses later in life.

Guaranteed issue and final expense insurance

Guaranteed issue life insurance is available without a medical exam or health questions, making it accessible for older adults or those with health concerns. These policies often have lower coverage amounts and higher premiums but are easy to qualify for.

Final expense insurance is a type of whole life insurance designed to cover funeral and burial costs. It’s typically available in small amounts (typically $10,000–$25,000) and may be issued quickly with minimal underwriting.

Pros and cons of each policy type

How to Buy Life Insurance for a Parent

Purchasing a life insurance policy for a parent involves a few important steps and some advance planning. Here's what the process typically looks like:

Step-by-step process

1. Talk to your parent: You’ll need their consent to apply for coverage. Discuss why you’re considering life insurance and how it can help support your family’s financial needs.
2. Determine the right coverage amount and policy type: Consider their age, health, financial obligations, and your goals for the policy (things like covering final expenses, caregiving support, legacy giving).
3. Compare quotes: Look at multiple providers and policy types to find a good balance of cost, benefits, and eligibility.
4. Complete the application: The insurer will require your parent’s signature and possibly a phone interview or medical information.
5. Get approved and start the policy: Once approved, pay the first premium to activate coverage and keep the policy in force by staying current on payments.

Documents and information needed

To apply, you’ll typically need:

• Proof of identity (e.g., driver’s license or ID)
• Social Security number
• Medical history and prescription information
• Financial information, if relevant to the coverage amount
• A completed application signed by your parent

Tips to simplify the application

• Choose a provider like Ethos that offers no medical exam options – just a few health questions need to be answered.
• Gather medical and financial documents in advance to streamline the process.
• Be prepared to explain your relationship to the insured and demonstrate insurable interest, especially for larger policies.

Best Life Insurance Options for Elderly Parents

As your parents age, life insurance options become more limited, but not impossible. If you’re wondering ‘can I buy life insurance for my parents,’ you typically can. Whether they’re in their 60s, 70s, or even 80s, there may still be coverage available to meet your family’s needs.

Options for parents over 60, 70, or 80

Life insurance is typically easiest to qualify for in your 60s, when your parent may still be in relatively good health. At this stage, they may qualify for:

• Term life insurance, which is more affordable and provides coverage for a specific period (like 10 or 20 years).
• Whole life insurance, which lasts for life and builds cash value but comes with higher premiums.
• Final expense or burial insurance, which offers smaller benefit amounts to help cover end-of-life costs.

Once a parent reaches their 70s or 80s, guaranteed issue life insurance becomes one of the more accessible options of life insurance for elderly parents. These policies usually don’t require a medical exam and they are usually accepted for coverage as long as they meet the age requirements and can pay the premiums.

No-medical-exam policies

Some insurance providers, including Ethos, offer no-medical-exam policies, which can be a good fit for life insurance for elderly parents. Applicants simply complete a short health questionnaire to help determine eligibility. These policies tend to have faster approval times and can be ideal if a parent has difficulty getting to appointments or has a pre-existing condition. Just note that coverage limits may be lower than traditional policies.

Cost considerations and health conditions

Premiums increase with age, so buying sooner rather than later is often more affordable. Health conditions such as diabetes, heart disease, or a history of smoking can also impact cost and eligibility.

If your parent has a serious medical issue, guaranteed issue life insurance may be the best option — even if it comes at a higher monthly cost. Be sure to compare multiple policy types and coverage levels to find a plan that balances affordability with your family’s goals.

Cost of Life Insurance for Parents

Life insurance for parents can vary widely in cost depending on their age, health, and the type of policy. Understanding what affects premiums can help you find a plan that fits your family’s needs and budget.

What affects the premium

​​The biggest factors that impact life insurance premiums for parents include:

• Age: Premiums increase as your parent gets older. A 60-year-old will generally pay much less than an 80-year-old for the same coverage.
• Health: Chronic conditions like diabetes or heart disease can raise rates or limit available options. 
• Policy type and term: Term life policies are usually the most affordable, but they expire after a set period. Whole life or final expense policies have higher premiums but provide lifelong coverage and may include cash value.

Average costs by age group

Life insurance premiums generally rise with age, especially after 50. While rates vary based on factors like health, coverage amount, and policy type, these monthly estimates provide a general idea of what to expect:

• Age 60: At age 60, many people can still qualify for term coverage which is generally the least expensive. Most people will pay around $85 to $135 per month for a 10- to 15-year term policy with $250,000 in coverage. A healthy 60-year-old male might pay about $124 per month, while a female pays closer to $90 a month for similar coverage.(1)
• Age 70: At this age, applicants may still qualify for both term and whole life insurance, depending on their health. Term policies are generally more affordable but may be harder to qualify for. Whole life or guaranteed issue policies offer more lenient underwriting but tend to come with higher premiums and lower coverage amounts. Comparing multiple policy types can help find the best fit for your parent’s needs and budget.
• Age 80+: Most people at this age won’t qualify for traditional term or whole life policies. Their options may be limited to final expense or guaranteed issue polices. Rates for these type of policies often range from $180 to $300 per month for policies with lower death benefits ($10,000 - $25,000). Some 80-year-olds can expect to pay up to $268/month for a $10,000 guaranteed issue policy.(2)

Sample pricing scenarios

• Daphne is 62 years old and is in average health for her age. She still has a few years left on her mortgage, so a 10-year term policy of $250,000 might be a good option for her. Daphne might pay around $125 a month for this kind of coverage, but rates can vary across companies.1
• Pam is 60 years old, with a manageable health condition – she has high blood pressure which she regulates with medication. A final expense option could be a good choice for Pam, as her existing debt is small – yet she and her children want to make sure her final expenses are covered. Pam might pay between $40 - $60 a month for $10,000 in final expense coverage.(3)
• Don is 80 years old with more serious health issues. Like Pam, his existing debt is small, but he wants to make sure his funeral expenses are covered. Don could expect to pay between $125 - $162 a month for $10,000 in guaranteed issue coverage, with no health questions asked.2

Please note: These figures are ballpark estimates. Premiums can be higher and will vary for each individual. For the most accurate pricing, it’s best to request a personalized quote based on your parent’s age and health history.

Life insurance can be a meaningful way to protect your family’s financial future and ensure your parents’ end-of-life wishes are met. Whether you're covering final expenses, supporting caregiving costs, or planning a legacy, the right policy offers peace of mind. Ethos makes it easy to explore your options. Check your price and apply online today.

FAQs on Life Insurance Policy for Parents

Can I get life insurance on my parents?

Yes, you can take out a life insurance policy on a parent, but certain requirements must be met. First, your parent must give their consent. Second, you’ll need to show an insurable interest, meaning you would experience a financial impact from their passing (such as funeral costs, unpaid debts, or caregiving expenses). Once those criteria are met, you can typically be both the policy owner and beneficiary.

What age is too late to get life insurance for a parent?

There’s no single cutoff age, but most traditional term life insurance policies cap eligibility at certain ages (which vary by carrier). Guaranteed issue or final expense policies may be available beyond that age, though they often have lower coverage limits and higher premiums.

Can I be both the policy owner and beneficiary of my parent's life insurance?

Yes, as long as your parent gives consent and there's an insurable interest, you can typically be both the policy owner and beneficiary.

Will my parent need a medical exam to qualify?

Not necessarily. Many providers, including Ethos, offer policies that don’t require a medical exam – just a short health questionnaire. These options are especially common with final expense or guaranteed issue policies.

How do I talk to my parents about getting life insurance?

Start by explaining your intentions, such as helping with final expenses or easing financial burdens later on. Approach the conversation with care, emphasizing how life insurance can provide peace of mind and preserve family finances.

Can I pay for my parent's life insurance policy myself?      

Yes. As long as your parent agrees and signs the application, you can pay the premiums on their behalf. This is a common approach for adult children acting as caregivers or financial planners.

Are life insurance payouts for parents taxable?        

In most cases, no. Life insurance death benefits are typically not subject to federal income tax. However, there may be exceptions if the policy is part of a taxable estate or if interest is earned on the benefit. Consult a tax advisor for details.

How long does it take for the policy to go into effect?

This depends on the policy type and provider. With companies like Ethos, many applicants can get coverage in as little as a few days because the application process is completed online.

What happens if my parent outlives the term policy?

If your parent outlives the term, the coverage ends unless the policy includes a renewal or conversion option. Some families choose permanent or final expense insurance for coverage that won’t expire with age.