Anybody buy life insurance for their old parents?

Both my parents have a small amount of life insurance, their poor by most standards. I'm thinking about getting more insurance for them and picking up the costs. Anyone do this?

First it would be very expensive, if you could even get it at all.

Second, that isn't what it's for. Life insurance isn't a lottery ticket for when your parents die.

If they are old, you'll probably not be able to get life insurance. Or it will be crazy expensive. Insurance companies have thought of this.

What are you thinking, that when one of them dies, the other will get the payout and be able to live better? Or you thinking that you'll get the payout and use your parents as an investment?

GenericAmerican - If they are old, you'll probably not be able to get life insurance. Or it will be crazy expensive. Insurance companies have thought of this.

What are you thinking, that when one of them dies, the other will get the payout and be able to live better? Or you thinking that you'll get the payout and use your parents as an investment?

Oh I realllly hope this is not the case.

stanneh - 
GenericAmerican - If they are old, you'll probably not be able to get life insurance. Or it will be crazy expensive. Insurance companies have thought of this.

What are you thinking, that when one of them dies, the other will get the payout and be able to live better? Or you thinking that you'll get the payout and use your parents as an investment?

Oh I realllly hope this is not the case.

I'd say it's pretty obvious what his intentions are. He wants to profit off his parent's death

Shame on you op....Only rich people are allowed to profit from the death of their parents.

FrontBroRian - 
stanneh - 
GenericAmerican - If they are old, you'll probably not be able to get life insurance. Or it will be crazy expensive. Insurance companies have thought of this.

What are you thinking, that when one of them dies, the other will get the payout and be able to live better? Or you thinking that you'll get the payout and use your parents as an investment?

Oh I realllly hope this is not the case.

I'd say it's pretty obvious what his intentions are. He wants to profit off his parent's death

I'll reserve judgement until I see his response I'm racking my brain here to come up with any other reason as to why else he would do this but for the life of me I can't think of a good reason.

stanneh - 
FrontBroRian - 
stanneh - 
GenericAmerican - If they are old, you'll probably not be able to get life insurance. Or it will be crazy expensive. Insurance companies have thought of this.

What are you thinking, that when one of them dies, the other will get the payout and be able to live better? Or you thinking that you'll get the payout and use your parents as an investment?

Oh I realllly hope this is not the case.

I'd say it's pretty obvious what his intentions are. He wants to profit off his parent's death

I'll reserve judgement until I see his response I'm racking my brain here to come up with any other reason as to why else he would do this but for the life of me I can't think of a good reason.

He might be doing it to cover funeral expenses.

You get life insurance to take care of their estate once they're dead.

ttt

JLK - 
stanneh - 
FrontBroRian - 
stanneh - 
GenericAmerican - If they are old, you'll probably not be able to get life insurance. Or it will be crazy expensive. Insurance companies have thought of this.

What are you thinking, that when one of them dies, the other will get the payout and be able to live better? Or you thinking that you'll get the payout and use your parents as an investment?

Oh I realllly hope this is not the case.

I'd say it's pretty obvious what his intentions are. He wants to profit off his parent's death

I'll reserve judgement until I see his response I'm racking my brain here to come up with any other reason as to why else he would do this but for the life of me I can't think of a good reason.

He might be doing it to cover funeral expenses.

Maybe but it's probably a better idea to simply put that money aside and if their small life insurance policy doesn't cover it then he will have enough put away to make up the difference.

JLK - 
stanneh - 
FrontBroRian - 
stanneh - 
GenericAmerican - If they are old, you'll probably not be able to get life insurance. Or it will be crazy expensive. Insurance companies have thought of this.

What are you thinking, that when one of them dies, the other will get the payout and be able to live better? Or you thinking that you'll get the payout and use your parents as an investment?

Oh I realllly hope this is not the case.

I'd say it's pretty obvious what his intentions are. He wants to profit off his parent's death

I'll reserve judgement until I see his response I'm racking my brain here to come up with any other reason as to why else he would do this but for the life of me I can't think of a good reason.

He might be doing it to cover funeral expenses.

He said they already have a small policy. A small policy would prob be $25k. Plenty to cover funeral expenses for both, even if they have $0 to their name. He wants to profit would be my guess

BringBackGoldy - 

Shame on you op....Only rich people are allowed to profit from the death of their parents.


Ok go ahead and do it. I’m sure some shady company out there will give him a $100k policy for $50k a year.

you can get a small term policy. something like 10 grand pretty cheap and it can take care of funeral costs and cleaning out their house and shouldn't be 2 expensive. they'd have to live another 2 years for it to payout. check out who ever the aarp is recommending

Waiting for OP to comment, but I've run into people who think you're just "supposed to have life insurance", like it's car insurance or something. Or people have the mindset that they'll never be able to save money, so they are just looking for whatever angle they have.

For example, my dad was never great with money and he very much wanted to have a life insurance policy so that at least he knew he'd be passing on something to me (even though I don't need it). It was a personal thing for him. Of course, sadly, he couldn't even keep up the payments on that, so the policy is gone and so are whatever premiums he paid for a while.

Also, insurance companies exist by taking safe bets. So your premiums are going to be based on the life expectancy of your parents.

So they aren't going to charge you a small amount to then pay out a large amount in the near future. If insurance companies were that dumb, there wouldn't be anybody in hospice care, they'd all be snatched up by investment firms and treated to luxury accommodations in exchange for letting the firm take out $100 million policies on them in their final days.

Why didn’t I think of this!?

Gonna get some life insurance on all the old relatives.  In 2 to 3 yrs I’ll be loaded!

Thanks OP !

FrontBroRian -
BringBackGoldy - 

Shame on you op....Only rich people are allowed to profit from the death of their parents.


Ok go ahead and do it. I’m sure some shady company out there will give him a $100k policy for $50k a year.

It is strange that he asked here instead of going to an insurance website where they normally have calulators for such things.

Interesting topic. I'm with the rest of those who are wondering the motive here.

OP I've heard of people putting life insurance policies on inmates. They're not overly expensive because the individuals are relatively young,but the bet is they live a dangerous life style and their number could come up for the dirt nap sooner than those staying clear of penitentiary time. I'd give that a look if your intent is to profit from the demise of others.