Can I take out life insurance on my parents?

Considering taking out Life Insurance on your parents


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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