Life Insurance for Parents (Discounts & Rates)

Family life insurance protects a dependent from financial despair if the breadwinner passes away. Life insurance for parents costs $26 per month on average. You can purchase life insurance for your parents with their consent and proof of insurable interest. If you're a parent, invest in your own coverage to provide your child with financial security should trauma occur.

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D. Gilson is a writer and author of essays, poetry, and scholarship that explore the relationship between popular culture, literature, sexuality, and memoir. His latest book is Jesus Freak, with Will Stockton, part of Bloomsbury’s 33 1/3 Series. His other books include I Will Say This Exactly One Time and Crush. His first chapbook, Catch & Release, won the 2012 Robin Becker Prize from Seve...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: May 10, 2021

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The Highlights

  • Life insurance for parents costs $26 per month on average
  • You can purchase life insurance for your parents with their consent and proof of insurable interest
  • If you have a child, invest in comprehensive coverage for yourself to best protect them

Life insurance for parents costs $26 per month on average. If you need coverage for your parents, you must get their consent and prove insurable interest.

If you are a parent yourself, invest in your own comprehensive coverage to best protect your children. Keep reading to discover suitable family life insurance options for you.

Compare affordable life insurance for parents by entering your ZIP code into our free quote tool above.

What are the average life insurance rates for parents?

Life insurance quotes for parents average about $26 per month. However, premiums vary depending on age, gender, medical history, and current health.

Therefore, purchasing coverage for senior-aged parents may cost more than investing in your own policy as a new mom or dad.

Compare the average monthly rates for a term policy with a $250,000 death benefit by age and gender in the table below.

Average Monthly Life Insurance Rates for Parents by Term Length
AgeFemale Average Monthly Rates for a 10-Year-TermMale Average Monthly Rates for a 10-Year-TermFemale Average Monthly Rates for a 20-Year-TermMale Average Monthly Rates for a 20-Year-TermFemale Average Monthly Rates for a 30-Year-TermMale Average Monthly Rates for a 30-Year-Term
25-years-old$9.31$10.25$11.22$12.74$15.28$18.27
30-years-old$9.31$10.37$11.41$12.83$16.47$19.25
35-years-old$9.77$10.61$11.83$13.45$18.72$21.69
40-years-old$11.62$12.68$15.15$18.02$24.07$29.00
45-years-old$15.51$17.41$22.16$27.39$34.70$44.58
50-years-old$20.74$24.31$30.66$39.90$52.40$68.97
55-years-old$29.03$37.57$47.87$62.49$92.40$128.52
60-years-old$41.73$59.38$76.93$106.67N/AN/A
65-years-old$66.52$103.91$134.30$200.43N/AN/A
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Securing life insurance for yourself is as easy as filling out the application. But can you buy life insurance for someone else?

Fortunately, you can. To purchase life insurance on another person, you must have their consent and prove insurable interest.

In other words, prove you’d suffer financial hardship if they pass away.

According to the U.S. Department of Health and Human Services, consent means a written form expressing permission to access medical records.

If you’re still wondering how to buy life insurance for parents, follow these easy steps:

  • Research companies and coverage levels together
  • Have your parent fill out the application with you
  • Get their signature on all necessary documents
  • Have your parent agree to a medical exam
  • Determine who will pay the premiums

As long as you make the payments on time, coverage lasts as long as the policy term length.

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What is the best life insurance policy for parents?

If you’re the parent in need of life insurance, compare the best insurance companies online and determine if a whole or term policy is right for you.

Experts suggest not naming a minor as your beneficiary. Instead, consider naming your spouse or another legal guardian.

Otherwise, the money could get tied up for years, and your family could accrue unnecessary legal fees.

Are you buying life insurance for your parents? Their age or health may inhibit their ability to qualify for traditionally underwritten coverage.

Consider final expense or burial insurance to help with funeral costs and to tie up other loose ends.

Guaranteed issue life insurance is available to everyone with no medical exam but costs more.

Often life insurance claims aren’t taxable, making it a tax-free inheritance. However, there are exceptions if:

  • The insured’s estate exceeds 11.7 million
  • The death benefit goes to a grandchild
  • The payout is a gift
  • The payout is considered an asset

Alternatives to life insurance include a savings account for end-of-life expenses or a pre-paid funeral plan.

Life Insurance for Parents: The Bottom Line

Securing life insurance rates for parents makes sense if they have any financial dependents.

If you have a child, invest in enough coverage to protect them with the same level of financial support they would’ve maintained if you survived.

For coverage for your parents, invest in enough to pay for their end-of-life expenses or debts.

Find the best life insurance company for parents near you by entering your ZIP code into our free tool below.

Are you looking for free insurance quotes?

Your one-stop online insurance guide. Get free quotes now!

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