How to get life insurance for your parents.

Although nobody wants to think about the loss of a parent, securing life insurance can make sure you don’t get stuck with a funeral bill you might not be able to afford.

Thinking about the inevitable is tough, but securing life insurance for your parents is a smart financial decision. Life insurance can cost a fraction of what a funeral bill will be.  There are a few different plans that allow you to secure the coverage you need to protect yourself.

In this article, we will teach you about the types of plans available for parents, the underwriting guidelines, how to get the lowest cost and a few other tips.

What are the best types of policies for parents?

Typically when looking for a policy for your parents, you are just looking for enough coverage to cover burial expenses. Choosing which type of policy is best will be determined by your parent’s health if they are in good/moderate health then a Final Expense policy will be the cheapest and the best type of policy.

If they have a significant health issue and can not medically qualify, then the best policy type will be a Guaranteed Issue policy.

Don’t worry when you work with an Insurance Geek they will help understand these types of insurance policies and find you the lowest cost. If you need more coverage than just a burial policy then see this article on life insurance for seniors here.

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Guaranteed Issue Whole Life

This type of policy requires no underwriting and has no medical exam or no health questions on the application. If you have any health issues that could medically disqualify you from a Final Expense policy, Guaranteed Issue whole life is for you.

This policy has a graded death benefit, which means the policy comes with a two-year waiting period before the full death benefit will be paid.

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Try Our GI Quick Quote Below.

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Final Expense Insurance

This type of policy requires minimal underwriting. A Final Expense policy is cheaper than a Guaranteed Issue policy, but the application does ask several medical questions. Your parents can have some moderate medical history and still qualify. See the medical questions below.

Final Expense policies are much easier to qualify for than traditional whole life.

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How is the cost determined

Several things will determine the price of a life insurance policy on your parents. The cost will be different from one individual to the next. Here are some of the factors that will make up the cost.

  • Age
  • State
  • Gender
  • Policy Type
  • Tobacco Use
  • Coverage Amount

You can learn more about the average cost of life insurance here.

Policy structure

When you buy a policy on your parents, the policy structure can be set up in several ways. You know who the insured will be (your parent), but who will be the payor, owner, and beneficiary of the policy? And why are these important?

  • The Payor – (this is who will pay for the policy.  It can either be you or your parent)
  • The Owner – (the owner can be you or your parent. The owner will have rights to make changes to the policy and even cancel it at any time.)
  • The Beneficiary – (you can be the beneficiary of the policy.  Whoever the beneficiary is can spend the death benefit however they want)

Underwriting for Parents

Insurability for a Final Expense plan will depend on answers to medical and other application questions and underwriting review. No blood test or medical exam will be needed for this product type.

Reports that will be ordered to make the underwriting decision:

  • an MIB, Inc. check
  • a prescription history check
  • a build chart review
  • a Personal Health Interview (PHI)

Getting Quotes

Getting life insurance quotes for your parents is easy.  We have built an exclusive quote widget to help you get quick quotes.

Once you have run quotes and found a cost you like, you can then apply online through our online application process.

Your application request will come directly to your new agent (Geek), and they will assist with submitting the application to the carrier and signing the application. They will verify and check to make sure there are no better offers available and you are with the best carrier before you apply.


Getting life insurance on your parents is crucial if you don’t want to get stuck with the cost of their final expenses.

A lot of time, parents don’t plan for this event or even want to talk about it, and, hey, I can not blame them. Death is a scary subject and sometimes a difficult on to approach. So if you follow the steps above, you can quickly and easily find a policy that will protect you in the future.

If you have questions, don’t hesitate to contact us.  Insurance Geeks are good at this insurance stuff, and we can help you every step of the way.