It is my understanding that I can purchase a life insurance policy on my mother if I have an insurable interest.
My mother is 74 years old and has always been in good health, but in recent months her health has taken a turn. She refuses to seek medical treatment and has not been to the doctor in probably 45 years. There has been no diagnoses and there are no medical records. She essentially is penniless and when she passes away the burial and other expenses will fall on myself and other siblings. As mentioned, she will NOT go to the doctor, so a medical exam is out of the question, nor would she ever consent to a life insurance policy being taken out on her (as she does not think she will ever die).
Am I able to purchase a policy without her getting an exam and without her signature to protect myself?
***Maybe. The FIRST question though, is, are you willing to pay the standard premiums for a guaranteed issue graded benefit plan?
2nd, we do have a confidential policy available, just for conversation sake, let’s say the premiums are double what a policy that your Mother would sign for would be. Would you pay that premium?