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.
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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.
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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)
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