Maybe it started with a friend’s parent passing, and the family scrambling to pay. Maybe your mom mentioned she “doesn’t want to be a burden.” Or maybe you just realized nobody in your family has talked about this.
You can help your parent put a plan in place. Here’s how it works, start to finish.
Yes, you can buy life insurance for a parent
Adult children do this every day. You can:
- Own the policy, or help your parent own it
- Pay the premiums
- Be the beneficiary, the person who receives the money
But there’s one thing you can’t do, and it matters.
Your parent has to agree
You can’t buy a life insurance policy on someone without their knowledge. Two rules apply:
- Insurable interest. The person buying the policy has to have a real reason to be affected financially when the insured person passes. A child has that interest in a parent.
- Consent. Your parent must agree to the policy and sign the application.
In practice, that means your parent will usually be on the phone call, at least for part of it. The agent will ask them the health questions directly and confirm they want the coverage.
If your parent isn’t able to make decisions anymore, the situation is different. Talk to an attorney about a power of attorney before anything else.
The kind of policy most families choose
For a parent in their 60s, 70s or 80s, most families look at burial insurance. Burial insurance is a small whole life insurance policy that pays your family in days. It’s also called funeral insurance or final expense life insurance.
- Coverage is typically $5,000 to $25,000.
- No medical exam. Just a few health questions.
- It doesn’t expire as long as premiums are paid.
- The rate doesn’t go up on most of these policies.
- The money is paid directly to the beneficiary, who can use it for the funeral or anything else.
Larger term policies are usually hard to get, or very expensive, past a certain age. A smaller whole life policy is built for this stage of life.
What it costs, in typical ranges
As a typical range, many people in their 60s pay roughly $30–$70 a month for $10,000 of coverage. People in their 70s pay roughly $45–$110. These are illustrative ranges, not quotes.
The price depends on your parent’s age, health, tobacco use and the amount of coverage. A licensed agent gives you the exact figure. See our cost page for more.
If your parent has health problems
Most parents qualify, including with health conditions like diabetes or heart trouble. There are three common kinds of policies:
- Level: the full benefit is payable from day one.
- Graded: the full benefit is payable after two to three years. Before that, the policy typically returns premiums paid plus interest.
- Guaranteed acceptance: no health questions. These are always graded, with a two-to-three-year waiting period before the full benefit is payable, and they cost more per dollar of coverage.
The agent will ask your parent the health questions and tell you which one fits.
How much coverage to get
Start with what your parent wants. In Georgia:
- A funeral with burial commonly runs $8,000 to $12,000.
- A cremation with a service commonly runs $6,000 or more.
- A direct cremation, with no service, is usually a few thousand dollars or less.
Social Security’s lump-sum death benefit is only $255, and only certain survivors receive it. Medicare doesn’t pay for funerals. More on that in Does Social Security pay for funerals?
Many families choose $10,000 to $15,000. Brothers and sisters sometimes split the premium.
How to start the conversation
This is the hard part for most adult children. A few things that help:
Make it about control, not about passing
Try something like: “Mom, I want to make sure that when the time comes, everything is handled the way you’d want. Can we figure out how it gets paid for?”
Most parents want this settled. They just haven’t wanted to bring it up either.
Ask what they’d want first
Burial or cremation? A service at church? Before talking about money, ask about wishes. The money conversation gets easier once the plan is clear.
Ask what they already have
They may already have a policy. Ask them to find the paperwork. Check whether it’s term coverage that expires, coverage through an old job, or a policy meant for something else. We walk through this in Burial insurance vs. the life insurance you already have.
Make it easy
Offer to set up the call and sit with them while it happens. Offer to handle the premiums if that’s part of the plan.
What happens on the call
- You or your parent requests a call. It takes two minutes. No health questions on the form.
- A licensed Georgia agent calls. If your parent isn’t there, the agent can explain the basics to you and set a time when they can join.
- Your parent answers a few health questions. Things like age, tobacco use and recent conditions.
- The agent explains what they qualify for and what it costs. In plain English.
- Your parent decides. If it fits, they sign. If it doesn’t, that’s fine.
Most policies are approved in days. You can read more on how it works.
Who pays, who owns, who receives
Families set this up in a few ways:
- Parent owns and pays; child is beneficiary. The simplest.
- Parent owns; child pays the premium. Common when the parent is on a fixed income.
- Child owns and pays; child is beneficiary. Allowed with the parent’s consent and signature.
If siblings are sharing the premium, write down who pays what and who the beneficiary is, so there’s no confusion later.
Why families come to us
Leaf Cremation has served more than 5,000 Georgia families. The people behind Leaf Planning are the ones at the table when a family can’t pay, and we’ve seen many adult children wish they’d had this conversation a year earlier.
Decide now so your parent, and you, don’t have to figure it out later. Read more about us or see our FAQ.
Talk it through with a licensed Georgia agent
Leave your name and number below and choose “A parent or family member.” A licensed Georgia agent will call you, explain the options in plain English, and set up a time to talk with your parent when they’re ready.