Can I buy final expense insurance for my parents?

Yes. In order to buy final expense insurance for anyone, you must have an insurable interest. You have an insurable interest if you would suffer a financial loss or hardship if the person dies. You have an insurable interest in your parents. Your parents will have to consent, answer the health questions and sign the application unless you have a power of attorney or legal guardianship.

If you have a power of attorney or legal guardianship you can answer the health questions, if you know the answers, for your parents and sign the application. You can also pay the premium and own the policy. Owning the policy gives you control of the policy and the right to name the beneficiary. You can own the policy make payments and name yourself or others as the beneficiary.