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As a fan of Suze Orman, I listen for these little pieces of information. She recently told her audience that she has been wrong for many years to tell us that life insurance on a child is only a benefit to the insurance salesperson. If a parent looses a child, the payment from a life insurance will do nothing for the parent except help pay for burying their child.
She explained that she realized she had been wrong on this point when a grieving parent told her that after the death her child, she was so distraught that she had been unable to return to work for several months. The life insurance money was invaluable in allowing her to be able to afford to take those months off from her job. That sounds like a good reason to me.
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∙ 13y ago
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Can a mother take out a life insurance policy on her married daughter?
Only if her married daughter is under 18, then yes. Otherwise, the answer is no.
Can a daughter take out a life insurance policy on her mother?
Yes you can. Your mother would have to sign as the applicant, and you as the owner. Also the insurance company may want to know the reason for the policy and its purpose.
Can you take out a life insurance policy on any individual you wish to?
no. there are laws for life insurance policy and is illegal to take it out to any individual
Can i buy a life insurance policy on anyone?
No. You have to have an insurable interest in the person's life in order to take out an insurance policy on their life.
Can a wife take out a life insurance policy on her husband?
yes you can just go to a insurance place and take out insurance policy he will have to be there also,
How long does it take to cancel your life insurance policy?
I have a whole life insurance policy, how long does it take to cancel it, also can I get money back from it.
Can i take out a term life insurance policy then quickly sell it?
No, because Term Life insurance policy has NO cash value.
Does your daughter have to surrender her drivers license before you can take her off your insurance policy?
No.
Can you take out a life insurance policy on your mom if she has HIV?
This may be possible - but it would be most likely a quite expensive life insurance policy.
How does life insurance provide for a family in cases of suicide?
In case of suicide, the insurance company will not provide any compensation for the family of the policy holder. Life insurance will only take care of the family of the policy holder when he does not take his own life.
Can someone take out a life insurance policy on someone that they do not know?
Typically, the person being insured must consent to the life insurance policy. Without the person's consent or insurable interest, it is not permissible to take out a policy on them. Doing so could be considered fraudulent.
Can you take out a Life insurance policy on a parent?
Yes, you can take out a life insurance policy on a parent. There must exist insurable interest between the owner and insured of a life insurance policy. There does exist insurable interest between spouses, parents and children, and siblings. So, yes, you can buy life insurance on your parent. Your parent may need to sign the application, answer some health questions, or take a medical exam to qualify for life insurance.
