Can You Purchase Burial Insurance For Other Family Members?

Can You Purchase Burial Insurance For Other Family Members?

If you fear that your family member is approaching the end of their life, you may be concerned about how you will pay for their funeral expenses. Final expense insurance, or burial insurance, is a great solution to this common issue. If your family member doesn’t already have this form of coverage, you may want to look into purchasing final expense insurance for them.

Can I Buy Final Expense Insurance For My Family?

You can purchase a burial insurance policy for any person you have an insurable interest in. An insurable interest simply means that if the person in question dies, you will be impacted financially. Therefore, if you rely on a person for any form of financial support, you have an insurable interest in their life. 

Who Can I Buy Burial Insurance For?

Adult children typically have an insurable interest in their parents because the child is likely to be responsible for paying for their parents’ funeral costs should they die. The same is likely to apply to your spouse, siblings, children, or other family members. You can also have an insurable interest in close friends or associates, such as business partners. In some cases, you may even be able to insure someone with who you only share property with. To learn whether you can purchase a burial insurance policy for someone you care about, speak with a qualified insurance professional. They have the answers you are looking for. 

How To Buy Burial Insurance For Someone Else

Purchasing a final expense insurance policy for someone whom you have an insurable interest in is easy, but to secure a policy, you will need to answer some questions. For instance, an insurance representative may need to know if the proposed insured is taking any medications or if they have been hospitalized recently. If they have prior health problems, those will need to be documented as well. 

After determining the proposed insured’s eligibility for a burial insurance policy, you will need to confirm that they have given consent to allow you to purchase a policy for them. You are not allowed to buy a policy for someone without them knowing about it, as consent is needed to buy and qualify for burial insurance policies. If you do manage to get a policy without permission, it will be considered fraudulent, and the policy will be void. The only exception to this is when parents or grandparents purchase burial insurance for a minor child; you won’t need consent to insure someone below the age of 18. 

Find Burial Insurance For Your Family

If you have a family member or friend you would like to insure, you should speak with a final expense insurance representative. The knowledgeable professionals of Final Expense Direct can help you find burial insurance coverage for the people you have an insurable interest in. To speak with an agent, give us a call at 1-877-674-0236. 

COVID-19 RESPONSE

Final Expense Direct’s utmost concern is the safety of our clients, their families, and our employees and agents. Our hearts, thoughts, and prayers go out to all that the Coronavirus outbreak has touched and those whose lives have been disrupted. While 98% of our workforce is working remotely, we are here if you need assistance. If you are a client, please contact Customer Support at 800-538-3610, Ext 2, with any questions in regards to your policy. You may also contact us via email at customerservice@finalexpensedirect.com. We will continue to monitor this situation and keep you updated.