Can You Add Your Parents to a Life Insurance Policy?

Life insurance is something that more people can benefit from than they currently do. Life insurance can help not only make life after your passing easier for family, but it can also be borrowed against and taken out in the event of a major accident. So who can you add to your policy? Your immediate family like spouses and children are obvious choices, but you can also add your parents. For those in the Phoenix, AZ area, the agents with Genesis Insurance can help.

You can add parents to your life insurance policy under certain circumstances. For instance, if you have a parent that lives with you, that is your dependent, and that can be counted on your taxes, you can add them to your life insurance policy. You must have a vested interest in their lives and their care to put them on a policy, however. You will not be able to add parents that are independently living and non-dependent on you because you do not hold power of attorney over them.

The role of life insurance is to help ease the burden of costs associated with the death of a loved one. As such, most life insurance policies are going to require that those that you are adding to your policy are directly related to you and that you are responsible for their expenses and, therefore, would be responsible for their expenses if they were to pass. When adding parents, you will need to prove that they live with you and that they are your dependent. For those in Phoenix AR, the agents with Genesis Insurance can help you create a perfect life insurance policy for you and your family.