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In some circumstances, it may be possible to purchase a life insurance policy on a grandparent, provided applicable consent and insurable interest requirements are met. Life insurance can be one option to help you address financial obligations, help pay off their outstanding doubts, or to receive other financial assistance. Let’s dive deeper into how getting life insurance for grandparents works and explore some policy types you can consider.
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In some situations, it may be possible to apply for a life insurance policy on a grandparent and name yourself as the beneficiary, if applicable insurable interest and consent requirements are satisfied. If your grandparent passes away during the policy term, you can receive the policy’s death benefit.
In general, you must meet two requirements to get life insurance for grandparents:1
Here are some of your options for helping to cover your grandparents with life insurance:
Term life insurance offers coverage for 10, 20, or 30 years, depending on your choice. It can expire if your grandparent outlives the policy, meaning you’ll need to renew coverage or get a new policy. However, premiums are typically reasonable.
Whole life insurance is a type of permanent life insurance that can remain in force for your grandparents lifetime as long as required premiums are paid and policy conditions are met. Some whole life policies accumulate cash value over time. You may be able to access available cash value through loans or withdrawals, subject to policy terms and conditions. Loans and withdrawals may reduce both the cash value and death benefit. You may also be able to surrender the policy if you no longer need coverage and get the cash surrender value minus surrender charges.
Final expense insurance, sometimes referred to as burial insurance, is a form of whole life insurance that is often designed to provide a smaller death benefit than traditional life insurance policies. The policies may offer:
Guaranteed issue life insurance is a small whole life insurance policy that may approve all applicants that meet certain criteria. These policies offer many of the same features as final expense insurance, but generally do not require a medical exam, and health questions may be limited or not required, depending on the plan. These policies require waiting one to two years before your full coverage kicks in. If your grandparent passes away during this waiting period, beneficiaries usually receive a premium refund instead of the death benefit.
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
Get StartedThe cost of life insurance for grandparents can vary based on factors such as age, health, gender, coverage amount, policy type, underwriting class, and insurer. Final expense insurance is one type of coverage for grandparents.
For illustrative purposes, publicly available final expense insurance estimates for a $10,000 policy have shown the following monthly premium ranges for healthy applicants:2
| Age | Illustrative Average Monthly Premiums |
|---|---|
| 50 | $38 |
| 60 | $53 |
| 70 | $84 |
| 80 | $164 |
Here are some average costs for the same coverage for healthy women 50 and up:2
| Age | Illustrative Average Monthly Premiums |
|---|---|
| 50 | $30 |
| 60 | $42 |
| 70 | $64 |
| 80 | $125 |
Consider the following factors when shopping for a life insurance policy for your grandparents:
Some get life insurance for their grandparents to help address potential financial obligations, such as funeral and final expenses. Depending on the amount of coverage needed and eligibility requirements, policy options may include final expense insurance, guaranteed issue life insurance, term life insurance, or permanent life insurance. If you need help for the other grandparent when the insured passes away, you may need a larger death benefit to help cover those needs.
You must balance financial goal considerations with your budget. Permanent life insurance policies tend to cost more per dollar of coverage compared to term life insurance policies, so term life insurance may be the best option for maximizing coverage on a budget.
However, suppose you don’t need a large amount of coverage. In that case, small guaranteed issue whole life insurance policies have competitive overall premiums, even if the coverage per dollar is lower.
Determine whether you need guaranteed coverage for the remainder of your insured grandparent’s life or only for a fixed period. The former situation may require a permanent life insurance policy, such as whole or guaranteed issue life insurance. Meanwhile, term life insurance may work better in the latter circumstances.
Age and health are commonly considered during the underwriting process and may affect eligibility, available coverage amounts, and premium costs. Depending on the policy, medical exams, health questionnaires, or other underwriting requirements may apply. Some plans, including certain final expense and guaranteed issue policies, may offer simplified underwriting or no medical exam requirements, subject to eligibility criteria and policy terms.
People can get life insurance for their grandparents, but the right type of policy and amount of coverage allowed can vary. If you want to learn more about insuring your grandparents or are ready to find a life insurance policy, speak with an Aflac agent today to explore some options and get a quote.
Get Started
Life insurance for seniors over 60 can provide financial protection for loved ones if you pass away. Learn how you can find the right policy and get a quote.
Whole life insurance for seniors can offer you extensive coverage during your golden years. Discover the benefits of whole life insurance and get a quote.
Life insurance for seniors over 60 can provide financial protection for loved ones if you pass away. Learn how you can find the right policy and get a quote.
Whole life insurance for seniors can offer you extensive coverage during your golden years. Discover the benefits of whole life insurance and get a quote.
1 MoneyGeek - Life Insurance for Grandparents: What You Should Know in 2026. Updated May 13, 2026. https://www.moneygeek.com/insurance/life/life-insurance-grandparents/. Accessed June 11, 2026.
2 MoneyGeek - Final Expense Insurance Cost (2026 Rates). Updated June 11, 2026. https://www.moneygeek.com/insurance/life/final-expense-insurance-cost/. Accessed June 11, 2026.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent/producer.
Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.
Aflac life plans – A68000 series/Term Life: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68200, A68300 & A68400. In New York, Policies NY68200, NY68300 and NY68400. Whole Life: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368100. In Delaware, Policy A68100. In New York, Policy NYR68100. B60000/Term Life: In Arkansas, Oklahoma, Pennsylvania, Texas & Virginia, Policies ICC18B60200, ICC18B60300, & ICC18B60400. Whole Life: In Arkansas, Oklahoma, Pennsylvania, Texas & Virginia, Policies: ICC18B60C10, ICC18B60100. Not available in Delaware, Idaho, New Mexico, New York, Oregon or Vermont. Q60000 series/Term Life: In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania & Texas, Policy ICC18Q60200M. In Delaware, Policy Q60200M. In New York, Policy: NYQ60200M. Whole Life: In Arkansas, Delaware & Oregon Policy Q60100M. In Idaho, Policy Q60100MID. In Oklahoma, Policy Q60100MOK. In New York, Policy: NYQ60100M. Not available in VA.
Receipt of accelerated death benefits may affect eligibility for public assistance programs. Benefits may also be taxable, and are not expected to receive the same favorable tax treatment as other types of accelerated death benefits that may be available.
Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (NAIC 92908).
In AR, DE, ID, OK and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Not available in NY.
Coverage/plan levels may not be available in all states, including but not limited to DE, ID, NY, NJ, NM, or VA.. Benefits/premium rates may vary based on plan selected. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations and exclusions.
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Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
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