BUYING LIFE INSURANCE TO COVER ELDERLY PARENTS
Can I Name a Non-Relative as the Beneficiary of my Life Insurance ...
Although it is typical for an individual to name his or her spouse, child, parent, or other relative as the life insurance beneficiary, non-relatives can also be named.
http://www.explorethebigsky.org/can-i-name-non-relative-beneficiary-my-life-insurance-policy
Life Insurance Policy for Non Relative | eHow.com
Life Insurance Policy for Non Relative. Life insurance is designed to return finances to the same state they were before the death of the insured. Profiting from life .
http://www.ehow.com/about_6468501_life-insurance-policy-non-relative.html
Choosing a Non-Relative as a Beneficiary | Insurance.com
Jan 1, 2011 . You can name any legally competent person as a beneficiary of your life insurance policy, including your spouse, children, other relative or .
http://www.insurance.com/life-insurance/faq/beneficiary-non-relative.aspx
Why Buy Companion Life Insurance?
If you are in a non married partnership, there are restrictions on purchasing life insurance on someone that you are not legally married to or is a relative.
http://insurance.freeadvice.com/information/life/article/247
Frequently Asked Questions—Individual Life Insurance
How do I know which life insurance companies are reputable? . when the designated beneficiary is a more distant relative or a person who is not related.
http://insurance.illinois.gov/Life_Annuities/FAQLife.asp
Term Life Insurance (for healthy seniors)
Key features:
- Medical examination required, to prove that the insured is in good health
Florida Health Insurance FAQ, Florida Life Insurance FAQ
Although it is typical for an individual to name his or her spouse, child, parent, or other relative as the life insurance beneficiary, non-relatives can also be named.
http://southfloridalifeandhealth.com/faq.php- Insured covered up to the age of 90 or 95 (depends on insurance company guidelines)
- Premiums increase towards the end of the Term
- Many seniors outlive the fixed term so look for a policy that can be converted to whole life insurance
- Consider purchasing Burial Insurance also, should the senior outlive the Term
Burial Insurance (for healthy seniors)
Key features:
- No medical examination required
- Insured person is covered for life
- Premiums are locked-in and do not change
- Moreover, cash value increases over time
- If the insured is healthy, then you receive full benefit the day after you pay your first premium
- Coverage cannot be canceled as long as you pay your premiums on time
- Proceeds can be used for burial costs and other end-of-life expenses
Graded Benefits Burial Insurance (for seniors with health problems)
Key features:
- No medical examination required
- Insured person is covered for life
- Premiums are locked-in and do not change
- Policy increases in cash value over time
- You typically only get partial coverage for the first two years, and the full insured amount only in the third year of the policy
- Insurance company cannot cancel coverage as long as you pay premiums on time
- Proceeds can be used for burial costs and other end-of-life expenses
Can I Purchase Life Insurance for a Relative?
Ensure all of your loved ones have the proper life insurance coverage they need. Quickly consider whether or not you can purchase life insurance for a relative .
http://www.termlifeinsurance.com/purchasing-life-insurance-for-relatives-.html