Buying life insurance for parents over 60 isn’t difficult, but there are some things to keep in mind. First, life insurance gets a little more complicated when the owner and the insured are not the same person. The policy will require two signatures (one from you and one from your parent). Some companies that ordinarily allow phone sales don’t allow them when the owner and insured are not the same person (you have to meet the agent in person). The complications are worth it, however, because you will receive all policy notices as the owner. This means you’ll be the first to know if there are any payment disruptions.
You can also be the payor. Parents put off buying life insurance because they think its unaffordable, not because they don’t believe in it. The last thing parents want to do is leave a financial burden to their children. You being the payor solves the problem of affordability.
When selecting a plan, you need to find the right agent. Agents that only represent one company (also known as captive agents) usually sell overpriced policies. Agents that represent multiple companies are more objective. They normally just want to give you the best deal with the multiple companies they represent. Get your whole life insurance instant quote.