Can I Buy Life Insurance For My Mom?

Buy Life Insurance For your MomLife can be cut short at any moment, regardless of who you are. Accidental and early deaths happen regularly, leaving loved ones without someone they care for deeply.¬†You probably don’t even want to think about your mom passing away but chances are she will and that sounds terrible but it’s true and if you stumbled across this article it is because you are wondering if you could take out a life insurance policy on your mom. In this article, we will address if you can and how to get life insurance on your mother so stay tuned! The following are some key points from this article;

  1. The answer is yes, you can take out life insurance on any family member.
  2. When it comes to buying life insurance for a family member whether it being your mom or ad you will have to display to the insurance company what is referred to as “insurable interest”.
  3. The first thing you will need to do in order to purchase a life insurance policy on your mom you will have to receive her consent. It’s almost impossible to take out a life insurance policy for someone who doesn’t give you their consent. They will also have to do a medical exam unless you decide to buy her a no medical exam policy, which can be more expensive than a traditional life policy.
  4. There are two major types of life insurance, term life, and permanent life insurance.

So can I take out a life insurance policy on my mom?

The answer is yes, you can take out life insurance on any family member. You probably have thought about getting a life insurance policy on your mom because;

  • she probably doesn’t think she needs it.
  • she doesn’t like doctors.
  • she doesn’t trust insurance companies.
  • she thinks it’s too creepy to talk about how one day she will die.
  • or maybe she can’t afford any life insurance in the first place.

Either way, you are doing a good thing for your mom, considering to buy life insurance for her will help you and your family out and it will protect your mom. The truth is that people make up millions of reasons to avoid buying life insurance but that doesn’t change the fact that everyone, including your mother, will die. 100% of all Americans will eventually die, and of those, only 52% will have life insurance in place.

How to buy life insurance for your mom

When it comes to buying life insurance for a family member whether it being your mom or ad you will have to display to the insurance company what is referred to as “insurable interest”.

Having insurable interest means that if your family member, or your mom, in this case, were to pass away, you know that you and your family would be financially responsible for all the costs that come with their death. You can purchase a life insurance policy to anyone really they just have to be somewhat close to you. For example, you cannot take out a life insurance policy for that hunky or cute waiter/waitress at The Cheesecake Factory because they know how you like your steak cooked. If they were to die, the costs that would follow their deaths would not affect you in any way possible other than the fact your steak may not be cooked right.

The first thing you will need to do in order to purchase a life insurance policy on your mom you will have to receive her consent. It’s almost impossible to take out a life insurance policy for someone who doesn’t give you their consent. They will also have to do a medical exam unless you decide to buy her a no medical exam policy, which can be more expensive than a traditional life policy. Even with a no medical exam policy you will need their signature.

What type of life insurance should I choose?

There are two major types of life insurance, term life, and permanent life insurance. Whether you choose a term or permanent life insurance policy that is all up to you. If your mom is quite elder then term life insurance may be purchased because most permanent life policies have a cut off age of 65-75. Term life is a form of temporary life insurance that provides coverage for only a short and specified period of time. Term lengths vary depending on the carrier but most carriers offer 10, 15, 20, 25, and 30-year terms. Permanent life insurance consists of three different policies. Whole life, the most popular, Universal life, the most flexible policy, Indexed Universal life, an in between investment policy, Variable Universal life, an investment policy with no floor. Whole life insurance offers coverage for, you guessed it, your WHOLE life, and may be a better option for your mom than other permanent life insurance types unless your mom or you would like to make investments with those policies. If you are not looking to make investments then you should look into whole life, which offers cash value build up, or term life, which is the most affordable type of life insurance.

How do the premiums work if I take out a policy for my mom?

The answer depends on you and your family member. If you want to pay their premiums because you believe they will not pay them or they cannot then that is really all up to you. Whichever way you plan to pay the premiums you will still need to tell your mom to pay the first premium because some insurance companies require the insured (your mom) to pay the first premium but afterwards she can switch the option for you to be able to pay her premiums if that’s what you choose to do.

Is it worth it?

In all honesty, life insurance is always worth it because you never know when your last day is on this planet and you really don’t want to leave your burial costs on your family or your debt on them too. Funerals can cost thousands of dollars and unless your family has that kind of money then you should consider buying a life insurance policy so they don’t experience financial stress. Not only will they have to pay for your funeral, burial or cremation, your debt (loans and even mortgages) but they may have to pay estate taxes.

Work with us!

If you are still considering to buy your mom a life insurance policy then there is no better place to help you buy a policy from then us. We are an independent life insurance agency who work with over 60 top rated companies to which we have no ties with because our loyalty is reserved for our clients, and only for our clients. Did we mention that our services are FREE?? Because they are! We have been put into this world to make life insurance simple and if you have 30 seconds go below this article and fill out our super quick quote engine to see some quotes and have an idea of what you will be working with. Not only will you be provided with some quotes but you will be able to compare with top rated companies to see what you can get offered by different highly rated companies.

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About Sabrina Banks

Sabrina is an insurance nerd and content strategist at InsureChance! She is an avid traveler, cat lover and all around a ball of joy. Her obsession is creating valuable content to empower the online consumer.

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