"If your grandparents are still alive then buy at least $100,000.00 in life insurance for each one of them and at least $300,000.00 in life insurance for each of your parents and you will have $1,000,000.00 USD by the time they are all dead."
I realize...this is pretty crazy to say...I read this somewhere and I want to know if you can take a policy out without consulting the related party of the insurance? Say a parent/grandparent? I would like to be able to pay for all the funeral precedings etc. and help my family in the aftermath. Especially concerning my grandparent's. I don't believe that my family is or has thought ahead about this....anyone have any advice...OR knowledge that could help me?
2007-12-30 18:35:26 · 4 answers · asked by Jeff 1 in Business & Finance ➔ Insurance
You should consult your grand parent to find out where they are in the process. You have to have permission from them, they will have to sign the application and have a paramed exam completed. The cost of funerals in our area are typically 10-12,000. One other consideration is that the older someone is the less likely they will get a preferred much less a standard rate for insurance. The cost become overwhelming if you can even get a policy. You may be better suited with setting money aside in an annuity to cover final expenses. This is not tide to there health but could provide a death benefit. Good Luck and appreciate you looking ahead for others. Keep up your great work.
2007-12-30 21:38:34 · answer #1 · answered by Anonymous · 2⤊ 1⤋
Yes, you can, with their permission and consent.
What you AREN'T factoring in is how much it's going to cost to do that. The odds are ALWAYS going to be in the favor of the insurance company. You can't buy a life insurance policy for someone in their 70's, for only $100 a month - it's going to cost tens of thousands. Multiply that by each person you're insuring, and you're more likely to be paying OUT the $1,000,000 to the insurance company, by the time they are all dead.
You have to consult them. You need their permission. Even for a funeral policy. But most funeral policies - ie, the low payout policies, like $5,000, guaranteed issue - you have to pay in the premiums for at least two years before you can file a claim. In other words, they have to live at least two years after the policy.
You can't insure someone without their knowledge or consent. It only happens in the movies.
2007-12-31 00:49:16 · answer #2 · answered by Anonymous 7 · 1⤊ 0⤋
they would have to sign for it and there may be medical questions to answer. if they are agreeable to taking out a policy with u as the beneficiary then that would not be a problem. it would take a while before the policy was paid out tho as there is the administration to attend to , u would have to send in death cert etc so it would not be a quickly available source of money and if there was any query relating to the death then it would take even longer. u dont mention yr grandparents age but a term life assurance policy which is normally the cheapest only runs to a certain age, 65 or 70 if u wanted one to last till they died whatever age then u would have to buy a whole of life policy and that could be expensive, depending on their age and current health. in the uk there are insurance policies u can take out to cover funeral costs.
2007-12-30 23:50:24 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Not without their consent and you must have an insurable interest.
The older someone is the more insurance will cost and if they have any health issues you can't buy insurance. They will need a health exam to get life insurance. If you saved the money from the premiums you would have even more money.
2007-12-30 18:46:42 · answer #4 · answered by shipwreck 7 · 2⤊ 1⤋