Written by Kim Wilhelm
Last Updated 26 Mar 2023
Looking to get life insurance for grandparents? Not sure how? Learn all you need to know about getting life insurance for grandparents, including the costs and benefits.
Can You Get Life Insurance for a Grandparent?
Yes, you can get life insurance for a grandparent. If your grandparent has a need for life insurance coverage and they don’t already have a life insurance policy, now is the best time to get one.
To get life insurance for anyone, including grandparents or parents, you have to show you have an insurable interest. That means you would be financially affected if your grandparent were to pass away.
Although this is automatic for spouses, children, and sometimes, aging parents, it can be more challenging to prove insurable interest with a grandparent. You also have to be at least 18 to buy life insurance for someone.
If you don’t have an insurable interest, you can still help your grandparent get a life insurance policy. You can help them find the best policy for their needs and compare quotes to get them the best deal.
Can Life Insurance Policies Cover Medical Costs for Grandparents?
Yes, life insurance policies can cover medical costs for grandparents. If you buy a life insurance policy with living benefits, your grandparent can access some of the death benefit while still alive if they meet the qualifications. You can then use the money to pay medical costs.
If your grandparent passes away with medical expenses, you can use the death benefit to cover medical costs.
How Can I Get the Best Deal on Life Insurance for Grandparents?
Shopping around is one of the easiest ways to get the best deal on life insurance for grandparents. But shopping around can take time, especially when you have to go to each company to get a quote. And there’s no guarantee the quote will be the same once they go through underwriting.
Final Expense Direct can make the shopping process faster and easier. We partner with many life insurance companies that we can get quotes from at the same time. Then, we can work with you and your grandparents to find the best deal from the right life insurance company.
How Much Life Insurance Do You Need for a Grandparent?
How much life insurance you need for a grandparent can vary. Most grandparents need coverage to pay for final expenses, like funeral costs.
That’s why you sometimes hear final expense insurance called funeral insurance or burial insurance. It’s designed to cover funeral expenses so family members don’t have to.
If they will have debts or other final expenses, buy life insurance to cover them. Working with an insurance agency like Final Expense Direct can help you determine how much life insurance you need.
Can Grandparents Take Out Life Insurance on a Grandchild?
Yes, grandparents can take out life insurance on a grandchild. Grandparents often buy life insurance as a gift for their grandchild, then give them the policy when they’re an adult.
Whole life insurance is the best choice for grandchildren. Most companies offer a guaranteed insurability rider, which gives you the option to buy more life insurance for them at certain ages or life events. Coverage is guaranteed without having to take a medical exam or prove insurability.
Types of Life Insurance Policies that are Available to Grandparents
The types of life insurance policies that are available to grandparents are term life insurance and permanent life insurance.
Term life insurance is only available until you reach a certain age, usually 65 or 70. Although term life insurance is the cheapest option, it only lasts for a certain number of years, then the policy expires. Your choice then is to buy another life insurance policy, which will be much more expensive at your current age.
The better choice for grandparents is permanent life insurance. Universal life insurance is one option. It has the option to increase or decrease your death benefit or premium, but the policy can lapse or cancel if you don’t pay enough for the coverage.
The best choice for grandparents is whole life insurance. This policy has fixed premiums and death benefit, plus a cash value savings account.
Final expense insurance is a whole life insurance policy that doesn’t require a medical exam and is easy to get approved for. Depending on your health, you can get cheap rates for lifetime coverage.
If your health is a concern, there are guaranteed acceptance final expense insurance policies available.
Call Final Expense Direct today to get a quote for final expense life insurance.
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Benefits of Having Life Insurance as a Grandparent
There are several benefits of having life insurance as a grandparent:
- You won’t be a financial burden to your loved ones
- You can leave a legacy to younger generations
- You can use the cash value while you’re still alive
- Your beneficiary can use the death benefit to pay estate taxes if you’re a high income earner
How Much Does a Life Insurance Policy for a Parent Cost?
The cost of a life insurance policy for a parent can vary. There are several factors that determine cost:
- The type of life insurance
- The company you choose
- Your age
- Your health status
- Your coverage amount
Here are some age charts you review to get an idea of how much purchasing life insurance might cost:
What Type of Life Insurance Would be a Good Choice for Grandparents to Help Their Grandson in Later Years?
The type of life insurance that would be a good choice for grandparents who want to help their grandson in later years is universal or whole life insurance.
You can use the cash value to help your grandson while you’re still alive. Or, you can leave the death benefit to him to relieve any financial burden he might face when you’re gone.
Call us to find out more about protecting your grandchildren with life insurance.
Can I Get Life Insurance for my 75 Year Old Mother?
Yes, you can get life insurance for your 75-year-old mother. Give us a call today so we can learn your mother’s coverage needs and give you quotes for life insurance coverage.
How do I Choose the Best Life Insurance Policy for my Needs?
It can be hard to choose the best life insurance policy for your needs. You should first decide what are temporary and what are permanent needs.
Term life insurance can cover temporary needs, but permanent needs require permanent coverage, like whole life insurance or final expense insurance.
Buying life insurance doesn’t have to be complicated. That’s why you should work with an independent agency like Final Expense Direct to find a policy and life insurance company that meets those needs.
You can purchase life insurance from one of our agents at no cost to you. Most of our clients get approved and have a life insurance policy before we hang up the phone.
We get approval fast because we work with life insurance companies that don’t require a medical exam and use underwriting techniques to get you covered right away.
What Life Insurance Companies are Best for Buying Life Insurance?
The life insurance company that’s best for buying life insurance is the one that gives you the cheapest rate for the coverage you need. You can narrow down the life insurance company that’s best by first deciding if you need term life insurance or whole life insurance.
We always recommend final expense insurance for seniors. Find out why and get quotes for whole life insurance today by filling out our form online or calling Final Expense Direct.
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