I’m enquiring because I am aware that neither of my parents has life insurance, and I’m not even sure whether they have funeral plans. I therefore don’t want to be forced to pay for the funeral myself in the event that they both pass away without becoming “reimbursed.” Although it may sound awkward, I don’t need to incur debt to support my parents, who were never financially responsible, as I am a father to four children of my own.
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Yes, you can take out life insurance on family members, but you’ll need their consent. Talk to your parents about it to ensure you’re covered for any future expenses.
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To protect your finances in the case that someone else passes away, you can get a life insurance policy. showing being said, you will need their consent and documentation showing their passing would significantly affect your finances.
Have you considered looking into pre-paid funeral plans as an option?