How a parent can purchase life insurance on adult child?
asked Feb 17 '12 at 19:30
First, ask yourself why you want to buy life insurance for your adult child. The insurance can help you save up for a future need (such as the child's college fund), or to ensure that he is financially stable when the time comes that he has his own family. Please remember that having an insurance policy at an early age will help ensure that your child has coverage, even when your child's health deteriorates or when he gets involved with a hazardous occupation.
You should also consider whether you will remain the policy owner (where you have control over the policy, such as the decision of who to name as the beneficiary) or, since the child is already an adult, to transfer the ownership of the policy to your child.
When you have determined what kind of life insurance you would like to provide to your child, you should:
This answer is marked "community wiki".
answered Feb 17 '12 at 19:30