{"id":148679,"date":"2021-02-09T20:42:30","date_gmt":"2021-02-09T20:42:30","guid":{"rendered":"https:\/\/fidelitylife.com\/?p=148679"},"modified":"2021-02-09T20:42:30","modified_gmt":"2021-02-09T20:42:30","slug":"buying-life-insurance-for-grandparents","status":"publish","type":"post","link":"https:\/\/staging03.wordpress.fidelitylife.com\/?p=148679","title":{"rendered":"Buying life insurance for grandparents"},"content":{"rendered":"

As a kid, your grandparents are there to love, protect, and even spoil you a little. Helping them figure out their finances as they age is one way to protect both them and your family in return.<\/p>\n

As your grandparents get older, you may want to put a plan in place to help cover their end-of-life expenses, especially if they don\u2019t already have money set aside.<\/p>\n

Buying life insurance helps ensure that you can take care of their final needs without going into debt.<\/p>\n

Can you get a life insurance policy on grandparents?<\/h2>\n

The short answer is yes, but the decision comes with some fine print.<\/p>\n

Buying life insurance for someone else isn\u2019t difficult, but it does require you to prove that you have an \u201cinsurable interest.\u201d In other words, you would typically need to be a close relative and\/or show that there would be financial consequences for you if they died to justify purchasing a policy. Life insurance companies put these conditions in place because they don\u2019t want you to profit from the death of a person you do not financially or physically rely upon.<\/p>\n

The coverage amount you ask for should fit both of your situations and needs. And remember, you can\u2019t buy a policy without their consent, so be sure to discuss it with them ahead of time.<\/p>\n

What kinds of life insurance should you buy for your grandparents?<\/h2>\n

Taking out life insurance on your grandparents is part of helping them plan ahead for common end-of-life expenses<\/a>. There are three main kinds of life insurance for older adults:<\/p>\n