Can I take out life insurance on my parents?

Considering taking out Life Insurance on your parents

Answer

You can buy insurance for your parents as long as you are eligible to take a policy and there would be some financial loss if they died. This is called insurable interest. For example, this might be:

  • if your parents owed you some money that would be lost if they died
  • repayment of a mortgage on the home you live in together
  • funeral expenses

Our LV= Life Insurance policy cannot be set up this way.

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