Can a parent take out life insurance on their over 22yr. old kid not living at home?

Question

They won't be convinced they need a basic policy and they are now too old for mine, and living else where.

Answer 1

Not without their permission and cooperation.

Answer 2

When someone buys life insurance, you will be interviewed on what are your bases are for needing coverage.

Your child can qualify for life insurance but that doesn't mean that you can buy it without his knowledge, because he is the insured, he will need to authorize the policy to be issued.

Life insurance needs is based on an individuals income and liabilities if he/she were to die a premature death. Basically, your kid is 22, did not finish college, IF he is working I can only ASSUME his current potiential income(not future income) would be $7.25 and hour. If he worked full time 40 hours x $7.25 = $290 weekly. $1160 Monthly. $13,920 Yearly. Rule of thumb is to insure between 8-12 years of future income if a person were to die early than expected. $13,920 x 8 years = $100,000 coverage.
Note that if a person is not woking an has no current income, then coverage would be $10,000 for burial only.
As a life agent or securites agent, we all have codes of ethics and personal morals we follow and do what's right for the client.

Answer 3

no you cant just take one out on anyone, if you dont know you really shouldnt answer

you need to have an insurable interest in the person , meaning you will have some monetary consequences if they die, like if the kid dies you will need to bury him, if your wife dies you are out her wages, etc,
you cant just pick a neighbor that looks fat and old, and insure him , you cant do it

Answer 4

sure, but just get enough for a burial policy. He's out on his own, any other responsibilities after he dies are his problem, not yours

Answer 5

I think you can take one out on anyone!