You may be one of the people who hold the belief that life insurance on parents is not necessary; that is why we have decided to look into that subject. So, is it necessary to have an insurance policy for your parents?

In this article, we shall take a look into the subject to look at the possible benefits of putting your parents on an insurance cover of a sort.

To state you are insuring your parents or adding them to a life insurance policy may seem unethical to many people, but let’s face it: nobody would live forever on earth, and life insurance on parents does not necessarily mean that they would die young.

Children require life insurance on their parents for a number of reasons.

Life Insurance on Parents

Life Insurance
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Before we delve into the benefits, what is a life insurance policy in the first place?

Life insurance is a contract between the policyholder and the insurer, also known as the carrier, where the latter pays the former financial duties in the form of premiums in exchange for the former fulfilling the latter’s financial obligations in the event of death.

The worry that many people have is what would happen if children bought life insurance for their parents and then brutally killed them in order to collect the money as the policy’s beneficiaries.

Due to the numerous laws and regulations governing life insurance plans and the various requirements the insurer places in place to guarantee that claims for death benefits are legitimate, this is not entirely practicable.

Children would ultimately have to understand the terms and circumstances related to filing claims in the event that the insured individual passes away.

There are several reasons why children need life insurance on parents.

We shall look at a few of these reasons.

READ ALSO: Life insurance policy: Is It That Important?

5 Benefits of Life Insurance on Parents

1. It helps children get money to organize befitting burials for their parents when they die.

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One advantage of life insurance on parents is that it gives children extra money to give their departed parents honorable funerals when they pass away at any time.

Children who enroll in and maintain their parents’ life insurance policies are qualified to receive death benefits that they can utilize to properly bury their deceased parents.

In either instance, they would name themselves as beneficiaries, which qualifies them to take the funds or get the payout in the event that either of their parents passes away.

2. The death benefit could help the children take care of themselves in the absence of their parents

When the policy reaches its maturity after their parents pass away, the children may make a claim for the death benefit, which would enable them to take care of themselves when their parents are no longer present and provide for their financial needs.

In this case, the children would be responsible for taking care of themselves without their parents.

In the long run, it would resemble an investment that they made.

Beneficiaries typically receive a sizable sum of money in the form of payouts or death benefits, depending on the premiums they pay, which they might use to launch their own business.

Although this benefit exists, most people purchase life insurance for their parents so that they will be eligible for the death benefit and can receive a dignified funeral when they pass away.

If you are unprepared, it can be challenging to plan a good burial for your parents.

However, if you have a life insurance policy in place for them and are paying the premiums on time, you can be confident that the insurer will provide you with financial support when an unavoidable death occurs.

3. A life insurance policy on parents could help children use the money to pay for any debts of their parents when they die

Some parents rack up bills that their kids are unaware of.

When their parents pass away, they first meet the debtors.

What a shame it would be if they were unable to pay off all the obligations that their father or mother had accumulated!

However, if their parents have a life insurance policy in place, the children can utilize the death benefit or claim to pay off the debts, ensuring that their parents go to their final rest in peace.

READ ALSO: Life Insurance terms to get familiar with

4. Coverage for chronic terminal illnesses

Life insurance policy
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Some illnesses are chronic in the sense that they just wouldn’t get better regardless of the treatment. Other diseases continue to occasionally emerge.

Children would experience some respite if their parents had life insurance since they may receive coverage for the treatment of these chronic illnesses should their parents fall ill as well.

Policyholders have the chance to obtain coverage for these chronic conditions.

Therefore, since their parents had life insurance in place, they could use this chronic disease coverage to cover all of the costs rather than having to dig into their own savings to pay for their parents’ medical care.

They can save more money as a result of this.

Do you still hold that life insurance on parents is not worth it?

5. Children can save money for their future knowing that they have money somewhere to use for the burial and funeral services of their parents.

Life insurance on parents
Image Credit: Pexels

Let’s face it—planning funerals these days is expensive, which is regrettable in my opinion.

People will spend any amount of money to provide funeral services for their deceased loved ones.

Some people exhaust their bank accounts to pay for funerals.

When children get life insurance policies for their parents, it gives them some peace of mind knowing that, in the event of their parents’ passing, the death benefit will be used to cover all expenses and assist the children in saving what they can.

They might not have enough money to cover everything, but they would just need to tally it up and not pay for the funeral entirely out of their own pockets. This depends on the premiums they pay and the type of package they have chosen.

Life insurance for parents is a no-brainer for any child who considers the future and understands that they will pass away one day and that they would be required to bury them properly.

The insurance rates are typically what turn people away, but there are different packages available; choose one based on your strengths and only upgrade as and when you feel you can.

Get life insurance for your parents right away; it is worthwhile.

Your parents won’t pass away suddenly; instead, they’ll live long lives, and when they pass away at that advanced age, you’ll be able to bury them in a manner suitable to their status so that, wherever they may be, they will be proud of you.


Hi, I am David! I am a student at the African University College of Communications where I pursue a degree in Strategic Communications. I started my own blog because I'm passionate about motivation, mental health, and healthy living, and I want to help others live healthy lifestyles by sharing my knowledge and experiences. My main areas of interest are motivation, mental health, and general healthy living. I attempt to inform and motivate my readers to make healthy decisions that are right for them because I feel that a balanced approach to fitness and health is essential for long-term success. My goal is to enable others to take charge of their health and lead fulfilling lives. I want to help my readers reach their health and fitness objectives through my blog by offering useful advice, research with solid supporting data, and inspirational material. Website: Contact Info: For collaborations, partnerships, or general inquiries, please email me at Also, contact me on WhatsApp at +233554389888.

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