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Can You Buy Insurance for Someone Else with a Durable Power of Attorney?

High Point, NC |

I am wondering if I could buy life insurance for my parent if I had a Durable Power of Attorney?

Attorney Answers 2

Posted

The Power of Attorney would allow an agent to buy life insurance, but it's up to the insurance company to determine whether they would write such a policy or consider your parent insurable.

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3 comments

Mark David Albertson

Mark David Albertson

Posted

I would also add that it's very likely the insurance company would want the power of attorney to have some specific language allowing you to do this.

Diane J. Loftus

Diane J. Loftus

Posted

Why would a finacial agent want to buy life insurance for you? If your state of competency were such that you can't get the insurance for yourself, the insurance would either be very expensive or not considered. Also, does the agent sell insurance him/her self or have a friend that does.?

Diane J. Loftus

Diane J. Loftus

Posted

Watch out for conflice of interest!

Posted

The POA has stated powers which should be reviewed.
The powers could be very restricted or very broad.
If the powers include the power to purchase life insurance, securities etc-it would depend on the age and medical condition of your parent and if accepted by the insurance company.

The answer given does not imply that an attorney-client relationship has been established and your best course of action is to have legal representation in this matter.

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