How To Buy Life Insurance For Your Parents [2022 Guide]


Thinking about the future and what it might hold is never simple. When you’re a parent, your thoughts are constantly focused on your kids. If something were to happen to you, what would happen? Will someone look after them?

As we become older, we need to start carefully considering how we want things handled in case anything should happen. It can be difficult to think about these things, let alone discuss them with our parents. This blog post is for you if you don’t have life insurance for your parents and they haven’t reached retirement age yet.

Should You Get Life Insurance For Your Parents?

Why Parents Need Life Insurance

Parents, in particular, require life insurance!

Life insurance is a must if you have children, PERIOD! I’m a father, and if you’re the main provider and don’t have at least 10 times your income, that’s totally irresponsible!

especially if you have kids who are younger than 10 years old! Furthermore, you require at least 15 times your salary if you have children under the age of five.

Let’s face it, someone yesterday died who was just like you and me! Check your local obituaries if you don’t believe me.

Yes, exactly like you and I! They actually have children, most likely young ones! What will your spouse and children do if you pass away? Parents need life insurance because of this!

Stop putting off important tasks after watching this video! You won’t live forever, I promise you that! In actuality, except from the death benefit provided to your loved ones, only death is certain in life.

Keep in mind that the price will never again be as low!

How Much Life Insurance Do Parents Need

The financial burden of raising children falls primarily on the parents.

Also, life insurance protection is a terrific strategy to lessen a family’s financial burden in the event that the primary provider dies. In fact, what would you do if the family’s primary provider passed away and you were the homemaker?

Most likely, you will need to find employment to pay for childcare. You might have to pay off student loans if you have older kids! So, how much does raising a child generally cost?

Parents who stay at home need to be financially shielded from these costs.

The single greatest approach to do this might be to purchase life insurance. For instance, a 2015 USDA study estimates that up until the child is 18, households will spend around $233,610. That comes to nearly $13,000 annually.

They will include

  • Housing
  • Meals
  • Childcare
  • Education

So, the forms of life insurance need will depend on your financial situation.

What Types Of Life Insurance Is Best For A Parent

The life insurance provider and the product you choose will determine whether you as a parent obtain a high-quality coverage. For instance, there are just two types of life insurance—permanent and term—out of the approximately thirty different types.

I don’t think permanent life insurance policies are the best investments for young families. The price is roughly three to four times more than the term. A financial advisor can provide you with further information on this, depending on your approach as well.

Several kinds of permanent life insurance

  • VUL
  • Whole Life

Several of these policies develop gradually over time. However, these policies aren’t merely utilised for insurance. They can frequently be applied in tax-deferred circumstances.

Do Stay At Home Parents Need Life Insurance

Why would a parent who stays at home require life insurance? You are the one who holds the family and the home together as a stay-at-home parent. What would your family do if you passed away?

Consider the daily expenses of having a family in the year 2019. The list of expenses you have to consider includes your mortgage, rent, electricity, auto payments, monthly credit card debt, food, school supplies, and clothing.

The parent who stays at home would have to find employment outside the home if the breadwinner were to pass away today. Add childcare to the ones we just stated above.

How much is a parent who stays at home worth? more than $162,000 annually as of 2019! Somewhat surprisingly, you serve as the father, teacher, doctor, chef, and taxi. You are multifaceted.

Life Insurance For Parents No Medical Exam

Above all, getting life insurance for parents or for yourself as a parent can be one of the most crucial decisions you’ll ever make. Having a sound life insurance plan will financially secure your loved ones whether you are young or over 80.

It might be quite practical to obtain insurance without a physical examination. Giving blood and urine is far worse than answering medical and health inquiries if you have minor health difficulties.

For instance, submitting an application for simplified issue life insurance can result in coverage for burial costs and/or funeral expenses within a few days.

But, if you need a greater death benefit, such as to pay inheritance taxes, you might need to purchase life insurance with a medical exam if you’re a senior over 75.

If not, purchasing a burial insurance policy can be the best option.

Some of the top providers of no-exam life insurance are listed below:

  • SBLI ($500,000 maximum)
  • Sagicor (Excellent For Elderly) (Great For Seniors) Furthermore up to $1,000,000
  • Guaranteed Up to $500,000
  • Nassau RE

Get A Quotation Now in Less Than 30 Seconds

How Much Life Insurance Should I Buy As A Parent

Is life insurance a wise financial decision? Yes, if you are concerned about your children’s safety. When should you purchase a term insurance policy? Today is the best day of all!

To summarise, you should have at least ten times your annual salary. It is the general guideline. If you have little children, under 5, 15-20 times your salary is sufficient, I usually advise.

For instance, if you earn $100,000 per year, have a 4-year-old child, and are expecting another child, a $2 million insurance would be adequate.

A parent who stays at home should get at least half of what the primary wage earner does.

3 Critical Reasons Single Parents Need Life Insurance

Single parents shoulder the weight of two children. To be clear, I was raised by a single parent. From I was 5 to 15, I don’t believe I’ve ever seen my mother sleep. An unmarried parent is revered!!

Single parents require insurance for the following 3 reasons:

  1. Financial Security
  2. Caregiver
  3. College

Why New Parents Need Life Insurance

Having a family is perhaps the most wonderful experience someone can have. Notably, everything changes when you have your first child.

Typically, the accountability lightbulb goes on for most young adults. I am sure I did. Simply put, everything at that moment changes.

To illustrate, I usually advise my clients to start taking care of their families as soon as possible when they are just starting out.

Life insurance won’t ever again be as affordable as it is when you are young. The financial security of your family will be ensured if you buy a 30-year term at a price that is 15 times your annual salary.

You want to make sure that your kids are taken care of till they are tossing a cap and gown in the air at graduation as the main provider, god forbid if that day ever arrives.

How To Buy Life Insurance For Your Parents

If your parents were elderly—over 75—and they passed away, you can be left with financial obligations. An insurable interest is necessary first. You may, however, take out an insurance if it is for funeral costs if your parents are informed and in agreement.

Some insurance plans offer living benefits, which are excellent for long-term care in the event of a serious or protracted sickness. In these situations, you must have the policy in force before any disease is discovered.

Affordable long-term care insurance is the subject of a fantastic piece by Nerdwallet writer Barbara Marquand.

How To Get Life Insurance For Your Parents Online

The most convenient approach to obtain a policy is online life insurance. In truth, the majority of websites offer an insurance calculator that asks for the amount of coverage, and others do not demand a medical check.

To find the best deal, PinnacleQuote Life Insurance Experts can shop customers around to dozens of A+ companies. In the sector, our method is the fastest.

Can I Buy Life Insurance For My Elderly Mother

Yes. You can insure your parents’ lives. if there is insurable interest and your parents have given their assent.

It’s easy to purchase life insurance for your parents. Call us right away, and we will shop you around to several A+ rated carriers.

many with email signature or voice signature software. Your parents can get a policy after qualifying in just 30 minutes!

Life insurance is our area of expertise. Best Deal, Top-Rated Carrier, PEACE OF MIND

Call me at 855-380-3300 for a more individualised touch. You’ll receive the most reasonable rates on life insurance for parents!


So, should you get your parents life insurance? Yes, if they are the main provider and must use their salary to sustain a family. Not defending oneself against what might occur if something were to go wrong tomorrow would be irresponsible. You may quickly obtain quotations online that will give you piece of mind knowing that your loved ones will be financially supported. Simply click this link or give us a call at (855) 380-3300 right now!