Can you get life insurance on your parents

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Life insurance is a crucial financial tool that provides financial protection to individuals and their families in the event of an untimely death. While it is common for individuals to purchase life insurance policies on themselves, many people wonder if it is possible to obtain life insurance on their parents. In this article, we will explore the question of whether you can get life insurance on your parents and delve into the factors that may affect this decision.

Understanding Life Insurance

Before we delve into the topic, let’s briefly understand what life insurance entails. Life insurance is a contract between an individual and an insurance company. The individual, known as the policyholder, pays regular premiums to the insurance company, and in return, the insurance company promises to pay a sum of money, known as the death benefit, to the designated beneficiaries upon the death of the insured person.

Insurable Interest

One of the fundamental principles of life insurance is the concept of insurable interest. Insurable interest refers to the financial or emotional relationship between the policyholder and the insured person. In most cases, individuals can only purchase life insurance on themselves or on someone with whom they have a direct financial interest, such as a spouse or a dependent child.

Can You Get Life Insurance on Your Parents?

In general, it is not possible to obtain life insurance on your parents without their consent. Since you do not have a direct financial interest in their lives, you may not meet the criteria of insurable interest. However, there are some exceptions to this rule.

Exceptions to Insurable Interest

There are a few scenarios where you may be able to obtain life insurance on your parents even without a direct financial interest. These exceptions may vary depending on the insurance company and the specific circumstances. Here are a few examples:

Financial Dependency: If you can demonstrate that you are financially dependent on your parents, some insurance companies may consider allowing you to purchase life insurance on them. This could be the case if you rely on them for financial support or if you have outstanding debts that they have co-signed.

Estate Planning: In certain estate planning scenarios, individuals may purchase life insurance on their parents to cover potential estate taxes or to ensure the smooth transfer of assets. This is often done with the consent and cooperation of the parents.

It is important to note that these exceptions may not be applicable in all cases, and each insurance company may have its own guidelines and requirements. It is advisable to consult with an insurance professional or contact insurance companies directly to understand their specific policies.


In conclusion, while it is generally not possible to obtain life insurance on your parents without their consent, there are some exceptions to this rule. Demonstrating a financial dependency or engaging in estate planning may increase the likelihood of being able to purchase life insurance on your parents. However, it is crucial to consult with insurance professionals and understand the specific policies of insurance companies to determine the feasibility of obtaining life insurance on your parents.