Insurance Library notes that the two most common instances that allow an adult child to obtain a life insurance policy for a parent are when the adult child is positioned to suffer financially when the parent dies and when the child provides financial support to the parent. An adult child can purchase a life insurance policy for a parent without meeting these qualifications if the parent owns the policy.Know More
HealthandAutoInsurance notes that for an adult child to own a parent's life insurance policy, the child must be able to prove insurable interest to the insurance company. This means that the child has to be able to show how the parent's death is set to negatively affect the child's finances. The reason for this is that the insurance company is unwilling to insure something that does not result in a negative financial impact when it's gone. The parent must also be a part of the underwriting process regardless of who is purchasing the policy.
According to Insurance Library, the benefit amount for a parent-owned life insurance policy depends on age, net-worth and income, regardless of who pays the premium. The parent must be able to sign the life insurance application documents to show agreement to the policy.Learn more about Insurance
The process of buying a life insurance policy from Guardian starts by contacting a financial representative of the company. On the company's website, a user can enter his ZIP code and find a local representative to communicate with regarding the types of plans available and how to purchase one, according to the company's website. Alternatively, there is a contact form the user can fill out with either his phone number or email for a representative to contact him.Full Answer >
Customers can apply for a life insurance policy through Old American Insurance Company by visiting the company website, reviewing available products and contacting an agent, notes the company site. Through the company site, visitors can also review final expense facts and advice and learn how to become an agent.Full Answer >
To purchase a life insurance policy through Allianz, visit the Allianz life insurance website and call the number or fill out the Contact Us form and mark the option Like to Purchase Allianz Products. Allianz Life Insurance Company of North America's policies are not insured by the FDIC or any other federal government agency, according to Allianzlife.com.Full Answer >
Although you can exchange one annuity for another annuity, Nasdaq reports that you cannot exchange an annuity for a life insurance policy. However, you can exchange an existing life insurance policy for an annuity.Full Answer >