It’s the holidays and finding a gift for everyone on your list is often a difficult task. Parents, grandparents, your favorite great aunt and other elder loved ones have proven to be the most challenging to buy for year after year.
This year, show them just how much you love and appreciate all they have done for you by giving them a gift that will protect all that they have worked so hard to achieve over the years – life insurance.
You can purchase life insurance for anyone that you have an “insurable interest” with. This means that you would experience a significant financial hardship in the event of their death. This applies automatically to spouses, parents and children, but for more distant relatives and siblings, a deeper relationship may have to exist – this condition varies from state to state and may require further inquiry with a trusted insurance professional.
Once you have established eligibility to purchase, discuss the idea with the receiving family member. This may ruin the element of surprise, but most states require you receive permission or notification is granted before the purchase can move forward. Life insurance prices vary based on age, health, lifestyle and the type of insurance plan you choose. You can get online life insurance quotes to get a better idea of what fits your budget and their needs before discussing the purchase with the intended recipient.
Work with your family member to collect all the necessary documents and pertinent
information, such as their social security number and detailed medical history. You will need all this information to obtain accurate life insurance quotes.
Discuss your narrowed options with a qualified insurance professional and be sure to ask about multiple policy discounts. Don’t just choose the least expensive plan. Compare rates and policies carefully, limit your selection to the highest rated life insurance companies to ensure quality and peace of mind.
The purchase will be complete once you get the insured’s signature on all the required documents and return them to the insurance agent. A life insurance policy may seem life an unlikely gift, but it is a smart financial move for anyone and a gift certain to be warmly embraced by the recipient.