No. Your parent has to agree and sign the application. You also need an insurable interest, which means you would lose money if they died.
The person being insured must sign the application. That signature lets the company collect their health records and other facts. They may also need a medical exam.
Only someone with an insurable interest can buy a policy on another person's life. Paying for a parent's funeral or depending on them for money can count.
Some states put consent in the law. Michigan, for example, requires written consent for most policies of $10,000 or more on another adult.
With your parent's okay, you can own the policy and pay for it. You would manage it as the owner.
If your parent already has a policy, you can help pay the premiums. They stay the policyholder.
- Talk with your parent first
- Have them sign the application
- Decide who will own and pay for the policy
- Name the right beneficiary
More questions
Can someone put a policy on me without telling me?
It is very unlikely. Your signature and permission to collect health data are needed.
Can I be the owner and the beneficiary?
Yes, if your parent agrees and you have an insurable interest.
Words to know
- Insurable interest
- A real reason to want someone to stay alive, either love or money. You need it to buy a policy on someone else.
- Insured
- The person whose life the policy covers.
- Owner
- The person who owns the policy. They can use the policy values and make changes while the insured is alive.
- Premium
- The amount you pay an insurance company for your policy.
