Can You Buy Life Insurance for an Elderly Parent?

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Eligibility for Life Insurance for Elderly Parents

Yes, you can purchase life insurance for your elderly parents. There are two primary types of policies suitable for this purpose:

  1. Simplified Issue Life Insurance Policy: This type of policy typically does not require a medical exam, but it might include a few health-related questions. It’s designed for quicker approval compared to traditional life insurance policies.
  2. Guaranteed Issue Final Expense Policy: This policy is specifically for covering final expenses, such as funeral costs. It usually does not require any health questions or medical examinations.

Related Reading: Can I Buy Funeral Insurance for My Parents?

Age Limits for Life Insurance on Elderly Parents

  • Cut-off Age: The maximum age limit for obtaining these policies is generally 85 years. This means if your parent is 85 or younger, they can be eligible for these types of life insurance policies.

Examples of Situations for Purchasing Life Insurance on Elderly Parents

  • A son wants to ensure that his mother’s final expenses are covered, so he purchases a guaranteed issue final expense policy.
  • A daughter, concerned about potential debts that might be left behind, buys a simplified issue life insurance policy for her father.

Comparison of Life Insurance Policies for Elderly Parents

Policy TypeMedical Exam RequiredPurposeAge Limit
Simplified Issue Life InsuranceNo (but health questions)Broader coverage, not just final expensesUp to 85
Guaranteed Issue Final ExpenseNoSpecifically for final expensesUp to 85

Conclusion

Purchasing life insurance for an elderly parent is a feasible and thoughtful way to manage potential future expenses. Whether you choose a simplified issue policy or a guaranteed issue final expense policy depends on your specific needs and the health condition of your parent. Remember, the age limit for these policies is typically 85 years.

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Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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