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Can I Buy My Parents Life Insurance?


Picture this: You’re sitting down with your parents reviewing their will and other important documents, and you realize they don’t have life insurance.1 For some, this might not be hard to imagine – you may have experienced it already.

Life insurance is important for everyone, not just those with families or businesses. That’s because life insurance is for the living and can help protect and provide for your loved ones after you’re gone.

Now picture this: Your parents ask you to get them a life insurance policy. You might be wondering; can I do that?

Before you go any further, however, have a candid discussion about what life insurance can help them cover.

Protect Your Legacy

It’s hard to think of life without loved ones. When the time comes though, having life insurance in place takes the burden off the family so that they can focus on celebrating their loved one’s life. It can also help your parents set their children and grandchildren up for less worries by covering things like:

  • Final expenses. With the average cost of a traditional funeral and burial totaling around $8,000, funeral pre-planning and life insurance can help cover that expense for your family. While cremation is rising in popularity and a less expensive option, any extras (think nicer casket or memorial items) will increase the cost.
  • Home mortgage. If your parents are still paying the mortgage on their house, life insurance can help pay it off so the surviving spouse can stay in their home.
  • Income replacement. If one (or both) of your parents are still working, life insurance can ease the burden of paying monthly bills.
  • Estate planning. Whether your parents want to leave money behind for the grandchildren to use towards college or make a charitable gift to their favorite nonprofit, life insurance can help make that happen.
  • Business. If one of your parents owns a business, Key Person Life Insurance and Business Continuation policies can help protect their partner and ensure they’re financially cared for.

So, Can You Buy Your Parents Life Insurance?

Yes – with their consent. They must agree to the policy and be able to sign the paperwork. As their child, legal guardian, executor… whatever your title, you can get the process started. You’ll need your parents’ personal information and health history to do so. They may need to complete a paramedical exam depending on the type of policy and coverage they want. 

Protection and Peace of Mind

Once your parents have decided they’d like life insurance, you can contact us. We’re your local advisors who will help you and your parents decide which type of life insurance policy best fits their needs: a term life insurance, whole life insurance or ERIExpress Life insurance policy. 

If your parents already insure with ERIE, they may be eligible to receive a multi-policy discount when bundling two or more policies.2 Talk with us about what discounts they may qualify for.

ERIE® insurance products and services are provided by one or more of the following insurers: Erie Insurance Exchange, Erie Insurance Company, Erie Insurance Property & Casualty Company, Flagship City Insurance Company and Erie Family Life Insurance Company (home offices: Erie, Pennsylvania) or Erie Insurance Company of New York (home office: Rochester, New York).  The companies within the Erie Insurance Group are not licensed to operate in all states. Refer to the company licensure and states of operation information.

The insurance products and rates, if applicable, described in this blog are in effect as of January 2024 and may be changed at any time. 

Insurance products are subject to terms, conditions and exclusions not described in this blog. The policy contains the specific details of the coverages, terms, conditions and exclusions. 

The insurance products and services described in this blog are not offered in all states.  ERIE life insurance and annuity products are not available in New York.  ERIE Medicare supplement products are not available in the District of Columbia or New York.  ERIE long term care products are not available in the District of Columbia and New York. 

Eligibility will be determined at the time of application based upon applicable underwriting guidelines and rules in effect at that time.

Your ERIE agent can offer you practical guidance and answer questions you may have before you buy.

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