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Life Insurance Policy for Parents

Whether you’re an adult caring for your parents, or a new parent caring for young children, life insurance policies for parents can help create financial stability and peace of mind. It can be helpful to review how life insurance works before applying for any plans.

Essentially, the policyholder will pay scheduled premiums to keep the policy active. In exchange, the life insurance company will pay the policyholder’s beneficiary a sum of cash after they pass, otherwise known as the death benefit. The amount of coverage and how it’s paid can fluctuate depending on the type of life insurance plan you choose.1 Read on to learn whether you can get life insurance for your parents, some reasons to do so, and how to get life insurance for parents.

Can I get life insurance for my parents?

Yes, you can get life insurance for your parents or take out a policy for yourself. However, you must get the parent’s consent before going down this route. As an adult child, you may be able to receive some of the death benefit if your parent agrees and lists you as a beneficiary. As a young parent, getting life insurance early can help provide financial security for your loved ones after you pass.2

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Reasons to get life insurance for your parents

Here are some reasons why it may make sense for you to get a life insurance policy for your parents:

  • For young parents, life insurance can help provide financial stability for their families.
  • For adult children, life insurance can help you and your family receive financial benefits.
  • For adult children, you may be able to use your parent’s life insurance benefits to help pay for and navigate end-of-life care and funeral expenses.
  • Depending on the type of life insurance for a parent that you select, you may be able to access benefits early in an emergency.3

How to get life insurance for your parents

Before taking out life insurance on parents, there are a few steps you’ll need to follow, like needing their consent in the decision. The steps below are for adult children taking out life insurance on their parents. If you are a young parent, you can purchase a life insurance plan for yourself.

1. Get your parents’ consent: After verbally getting your parents’ consent, they’ll need to sign the application physically eventually. You also may need to provide how their death would financially impact you.4

2. Figure out their coverage needs: Assessing any debts and the income goals for the family can help you determine how much life insurance coverage you’ll need in the future.

3. Choose a life insurance policy and company: Aflac offers term, whole, and final expense life insurance. However, it’s important that you do your research and find a plan that aligns with your needs.

4. Fill out an application: From here, you’ll have to fill out an application for the life insurance policy, and the parents may be asked to take a medical exam, depending on the company.5

5. Get approved and start paying premiums: Once the life insurance company approves the plan for your parents, you’ll begin paying regularly scheduled premiums, and the plan will become active.

What is the best life insurance policy for parents?

Now that you know how to get life insurance for parents, let’s discuss their options:

Term life insurance

Term life insurance is a plan where you must decide how long you’ll need coverage. Typically, you can choose between 10, 20 and 30 years. The policyholder must pass during that term period for the beneficiary to receive the death benefit.6

Typically, term life insurance is less expensive, so this may be a good option for those who want to save money upfront and have a fairly good idea of future timelines.7

Whole life insurance

Whole life insurance is a type of permanent life insurance. This means the beneficiary will receive the death benefit regardless of when the policyholder passes.8 While these plans can be more expensive, they do guarantee benefits.

Final expense life insurance

Lastly, Final expense life insurance is specifically designed to help support end-of-life costs. This can look like funeral expenses, legal and accounting charges and out-of-pocket medical bills. These life insurance plans can help make a painful transition feel a little more supportive.9

Get Aflac life insurance for your parents

Getting a life insurance policy for your parents is a big decision that can yield many helpful outcomes. Remember, it’s a decision you should all make together. Chatting with an agent can help you decide which life insurance plan is best for your family’s needs.

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