An independent agent with an Insurance Agency in North Huntingdon PA sometimes is asked whether a person can buy a life insurance policy for another adult. Typically, the request regards buying a policy for parents who are in their senior years.

The Expectation of Financial Difficulty

One reason insurance companies agree to this request is when the prospective customer shows that he or she will otherwise have financial difficulties when the parent passes away. If that parent does not have much in savings or other assets, the adult children become responsible for funeral expenses. A life insurance policy pays for those expenses along with any outstanding medical bills and other debts.

Guaranteed Life Insurance

Sometimes, a person approaches an Insurance Agency in North Huntingdon PA wanting to obtain life insurance for a parent who is suffering from dementia. This parent might have previously had term life insurance but let the policy lapse after losing some cognitive and memory abilities.

There are guaranteed life insurance policies from certain companies, although they may cost more than other policies. These policies do not require a medical exam or medical records. There may be a restriction regarding how soon the policy will pay out. For instance, if the person passes away within two years, the policy may be void. Commonly, the amount the customer paid for premiums would be returned.


Even without a guaranteed policy, premiums tend to be higher the older a person is when first obtaining life insurance. Thus, an adult child who plans to buy this policy can expect premiums to be significantly higher if the parent is 75 years old as compared with 60 years old. The underwriters know that the probability of passing away becomes higher with each year that goes by.

With most life insurance policies, the owner is also the insured person. The beneficiary receives payment when the policy owner passes away. But, policies can be issued to an owner and a different insured person. Learning how to do this and what the premiums will be are questions that can be answered at a company such as E.F. Barrett Agency Inc.

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