Do I Need to Buy Life Insurance for My Parents?
That depends. You should ask yourself these questions first.
- What is the policy’s purpose? Burial, asset protection, or estate planning?
- Are you taking care of them?
- Will you suffer financial loss if they die?
- Do they have assets you can use to pay for burial expenses?
If you only need burial insurance for them and you have the money to cover it, or they have enough assets to pay for it, skip the policy and call it a day. You don’t need it. You can also read more here.