Can I take out a life insurance policy on another family member? If so can I get one from more then one company?

Asked 11 months ago - West Palm Beach, FL

I love my parent's to death! But what happens when they do kick the bucket? Will I be stuck with the debts, mortgage, and funeral billing? Would they have to sign the policy if I can take out a policy on both of them?

Attorney answers (3)

  1. Carin Manders Constantine

    Contributor Level 19

    7

    Lawyers agree

    Answered . You have no reason to need to take policies out on your parents as you are not responsible for their debts. If you are worried about them "kicking the bucket", perhaps you can have a talk with them and discuss this in an adult manner, with compassion and seriousness.

    This information is a general answer and is not specific to any particular case. Carin Manders Constantine, Esq.... more
  2. William Charles Rosenfelt

    Contributor Level 20

    7

    Lawyers agree

    Answered . The other attorneys are correct. You are not responsible for their debts. If you are that concerned about their (your) financial situation, why don't you address it with them, instead of on a message forum? Seems like they would be able to address their individual estate planning better than you. Just a thought.

    Bill Rosenfelt 407-462-8787 (Orlando/Longwood/Central Florida)

    Please be advised that any answers or information disseminated above do not constitute legal advice and that the... more
  3. Jonathan Hayes Groff

    Contributor Level 12

    6

    Lawyers agree

    Answered . You cant take out a policy on their life unless you have an "insurable interest". Just being a loving son does not create an insurable interest. As the first responding lawyer said, I cant see how you would be responsible for their personal obligations. On the other hand, they can take out a life insurance policy to cover their funeral expenses, etc. They can also make you a beneficiary on the policy. That is entirely different then you taking out a policy on them. You may want to consult with a probate, or elder care lawyer if you are concerned with being obligated for their expenses and how to provide for funeral costs.

    This answer is a public service and not an attempt to solicit business. Jonathan Groff’s practice is devoted to... more

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