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A senior parent lives with an adult child. The child pays all the bills for the parent and the parents uses SS checks for personal spending.
My question is - if the child wishes to take out a policy on the parent to potentially maximize the return on the paid premiums, does that constitute a legitimate insurable interest? I'm thinking that it does not.
(The only legitimate reason for coverage I can think of is final expense but the particular carrier I'm thinking of "doesn't do final expense").
My question is - if the child wishes to take out a policy on the parent to potentially maximize the return on the paid premiums, does that constitute a legitimate insurable interest? I'm thinking that it does not.
(The only legitimate reason for coverage I can think of is final expense but the particular carrier I'm thinking of "doesn't do final expense").