It is currently grasped that whenever any person would like to procure life insurance plan, he needs to make a decision rapidly and the younger he is when he gets a life insurance plan, the cheaper the premiums can get. There is a big difference in the cost of premium for life insurance plan between a twenty-year-old father and a fifty-year-old dad. That is why, even though a 60-year-old individual can procure life insurance plan, it would still be useless for him to buy one because that would mean lots of investment on his part. So, what about those parents who are already old? Because it would be a lot of risk and a lot heavier for their pockets to purchase life insurance policy, any of their children can decide to purchase no physical life insurance for parents. They can opt to purchase life insurance policy for themselves and put their parents as their beneficiary or they can purchase life insurance policy in behalf of their parents and put their names as the beneficiaries.
Perhaps, the obvious reason why an older parent would like to procure life insurance policy coverage so his members of the family can get the insured money to use it for his burial expenses in case he dies anytime. However, the cost of the life insurance policy coverage will be very pricey. And since purchasing life insurance policy for people who are already old is expensive, is there such a thing as children purchasing no physical life insurance for parents? Yes, there is and, certainly, children can purchase life insurance coverage on their parents' behalf and they can put their name as the beneficiaries of that life insurance coverage.
There are actually a lot of people who will buy life insurance plan in behalf of their parents and then, they will make up a number of stories about an "accidental death" or death resulting from natural means or sickness while, in fact, the parent died by suicide or he actually killed his parents so that he can get the money. You may have already heard countless stories about people purchasing life insurance for their parents or even for their older relatives, put their name as beneficiary, then, kill that policy holder and make it look like it's an accidental death or death due to illness and then, gets the insured money.
For instance, a person, as somebody's child, will be responsible for their burial expenses in case one of them dies. That person is going to be responsible for such fees which may set him back, for instance, around $20,000 or more than that. If they don't have enough money, where will he get that amount? If he can buy life insurance plan for his parent with himself as the beneficiary and this kind of situation occurs, he may get the insured money to pay for the burial expenses and this kind of situation is A-ok for most life insurance plan companies or for all of them. If those parents are living together with their son or daughter and they are the ones taking care of their grandchildren, that son or daughter can buy life insurance coverage and use the money to get an alternate day care program for their kids if their grandparents die. So, you see, there will always be some various situations that can help any life insurance coverage provider decide whether to approve a life insurance coverage application of somebody for their parents or not.
But, there are some people who would wonder if this is a kind of transaction that is legit or not. The simple answer is, yes, it is a legitimate type of transaction. Life insurance with no physical exam for parents is just as legit as purchasing life insurance coverage for folks whose receivers are their immediate family members or life insurance for people with particular condition or even with criminal offence conviction such as " drunk driving ". What somebody or you needs to do is to do a lot of homework first to ensure that the life insurance policy company that you or somebody will decide can give the best benefits at a cost that everybody are able to afford.
Perhaps, the obvious reason why an older parent would like to procure life insurance policy coverage so his members of the family can get the insured money to use it for his burial expenses in case he dies anytime. However, the cost of the life insurance policy coverage will be very pricey. And since purchasing life insurance policy for people who are already old is expensive, is there such a thing as children purchasing no physical life insurance for parents? Yes, there is and, certainly, children can purchase life insurance coverage on their parents' behalf and they can put their name as the beneficiaries of that life insurance coverage.
There are actually a lot of people who will buy life insurance plan in behalf of their parents and then, they will make up a number of stories about an "accidental death" or death resulting from natural means or sickness while, in fact, the parent died by suicide or he actually killed his parents so that he can get the money. You may have already heard countless stories about people purchasing life insurance for their parents or even for their older relatives, put their name as beneficiary, then, kill that policy holder and make it look like it's an accidental death or death due to illness and then, gets the insured money.
For instance, a person, as somebody's child, will be responsible for their burial expenses in case one of them dies. That person is going to be responsible for such fees which may set him back, for instance, around $20,000 or more than that. If they don't have enough money, where will he get that amount? If he can buy life insurance plan for his parent with himself as the beneficiary and this kind of situation occurs, he may get the insured money to pay for the burial expenses and this kind of situation is A-ok for most life insurance plan companies or for all of them. If those parents are living together with their son or daughter and they are the ones taking care of their grandchildren, that son or daughter can buy life insurance coverage and use the money to get an alternate day care program for their kids if their grandparents die. So, you see, there will always be some various situations that can help any life insurance coverage provider decide whether to approve a life insurance coverage application of somebody for their parents or not.
But, there are some people who would wonder if this is a kind of transaction that is legit or not. The simple answer is, yes, it is a legitimate type of transaction. Life insurance with no physical exam for parents is just as legit as purchasing life insurance coverage for folks whose receivers are their immediate family members or life insurance for people with particular condition or even with criminal offence conviction such as " drunk driving ". What somebody or you needs to do is to do a lot of homework first to ensure that the life insurance policy company that you or somebody will decide can give the best benefits at a cost that everybody are able to afford.
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