LIFE INSURANCE FOR MY PARENTS
Life Insurance & Insurable Interest
Insurable interest means - that you could be adversely affected financially ( not emotionally ) if that person who are insured died.
The reasoning behind insurable interest is so that the death of an insured person may not create personal financial gain ( than loss ) for a policyholder.
Can I buy a Life Insurance Policy for my Parents ?
Yes - but UK Insurance rules state there must be an insurable interest between yourselves & your parents to take out and arrange a joint life insurance policy eg; say a joint mortgage with your parents. Each Parent could always arrange a policy for themselves. Also both parties must consent to this arrangement.
Can I get an Inheritance Tax [ IHT ] Life Insurance Policy - on my Parents
For some parents, their children may face a potential IHT liability on their death. This often concerns children more than their parents [ as they have to pay the IHT bill ]. So as long as their parents agree & consent to this arrangement - you can look into various options such as a joint life 2nd death plan whole lifecover plan or other IHT life insurance policies.
Can I insure my Parents - without them knowing ?
No - both parties must consent to this arrangement ie; you cannot just insure your parents & say apply for life insurance on your mother's behalf without their knowledge.
Can I put my elderely Parents on my Life Insurance Policy ?
As above - Insurance rules state there must be an insurable interest between all parties to add them to your life insurance policy.
Can your Parents be your Life Insurance Beneficiary ?
Yes they can - if you wish to. Either they can own your life insurance plan directly; classed as life of another [ see comments above re Insurable interest ]. Note if they die before you though this can cause issues with the insurer having to undue this arrangement & may require additional legal costs by you seeking specialist advice. The alternative is to put the policy into trust where your Parents is either one of or the sole beneficiary.
Can my Parents be my Trustee on my Life Insurance Policy ?
Yes they can - if you wish to. If you put the policy into trust where your Parents is either one of, or the sole beneficiary. Either they can be sole Trustee or as they are older than you, have 2 or more Trustees ideally. Note again if you don't & they die first, this can cause issues with the insurer having to undue this arrangement & may require additional legal costs by you seeking specialist advice.
Can I get Life Insurance Policy for a Business Partner ?
Yes - as a Business Partner as long as there is insurable interest between each partner to arrange a life insurance policy. Each Partner could always arrange a policy for themselves. Also both parties must consent to this arrangement ie; you cannot just apply on someone's behalf without their knowledge.
Let trying to get life insurance not be a great challenge - please approach us for friendly Professional Help.
LIFE INSURANCE POLICY FOR PARENTS - PRODUCTS REVIEW
MORTGAGE PROTECTION - for my Parents
Designed to cover a repayment mortgage on death or critical illness as it decreases during the plan term.
LIFE INSURANCE - for my Parents
Offering a family protection lump sum if the policy holder dies or is diagnosed with a terminal illness during the term or whole lifecover if say your parents are over 70. Policies can be made joint or seperate. Joint life 1'st death or 2nd death.
FAMILY INCOME BENEFIT INSURANCE - for my Parents
CRITICAL ILLNESS INSURANCE - for my Parents
Helps ease financial worries if you are diagnosed with a critical illness as specified by the Insurance Company.
CHILDREN'S CRITICAL ILLNESS COVER
Helps ease financial worries if your child is diagnosed with a critical illness as specified by the Insurance Company.
INCOME PROTECTION - for my Partner
Providing security by way of an income if you are off sick or have an accident.
Life Insurance for