Can I Buy Long-Term Care Insurance for My Parents?
(Here's how everything works)
Written by
Jessica Huneck is an insurance writer from TrustedChoice.com. She began her writing career in 2011 and has since earned herself a bachelor's degree in English writing.
Reviewed by
Paul Martin is the Director of Education and Development for Myron Steves, one of the largest, most respected insurance wholesalers in the southern U.S.
Table of Contents
Q. Can I buy long-term care insurance for my parents and how?
Q. Can I buy long-term care insurance for my parents and how much will it cost?
Q. Can I buy long-term care insurance for my parents and can I be a beneficiary?
Q. Can I buy long-term care insurance for my parents and when should I?
Q. Can I buy long-term care insurance for my parents and how?
As my parents age, I want to be sure they are taken care of when the time comes. Can I buy long-term care insurance for my parents? If so, how?
Yes, you can purchase long-term care insurance for your parents. Your parents would be the named insured on the policy and you would be the payor. You can get the bills sent to you or withdrawn from any checking or savings account that you put on the policy.
The benefits would go to the named insured, your parents in this case, when and if they needed to use the long-term care insurance benefits. How you get a long-term care insurance policy is through your local independent insurance agent. They have options and a variety of price points to fit in your budget.
Q. Can I buy long-term care insurance for my parents and how much will it cost?
My parents are getting older and I am concerned about their health. It is likely they may need long-term care insurance at some point. Can I buy long-term care insurance for my parents? How much will it cost if I can?
Yes, you can purchase long-term care insurance for your parents. Your parents would be the named insured on the policy and you would be the payor. You can get the bills sent to you or withdrawn from any checking or savings account that you put on the policy.
The benefits would go to the named insured, your parents in this case, when and if they needed to use the long-term care insurance benefits. Long-term care insurance has many different price points depending on your parents' health when the policy is purchased and what benefits are decided upon.
It's best to check with your local independent insurance agent for the facts.
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Q. Can I buy long-term care insurance for my parents and can I be a beneficiary?
Can I purchase long-term care insurance on behalf of my parents? If I do this I would like to be listed as some sort of beneficiary, is this a possibility?
Yes, you can purchase long-term care insurance for your parents. Your parents would be the named insured on the policy and you would be the payor. You can get the bills sent to you or withdrawn from any checking or savings account that you put on the policy.
The benefits would go to the named insured, your parents in this case, when and if they needed to use the long-term care insurance benefits. You can only be listed as a beneficiary with your parents' consent, and if the policy is a life insurance policy with a long-term care benefit rider.
This will allow a death benefit from life insurance and a long-term care benefit because of the rider. Speak with your local independent insurance agent for the details about this type of policy option.
Save on Long Term Care Insurance
Our independent agents shop around to find you the best coverage.
Q. Can I buy long-term care insurance for my parents and when should I?
Is there a way to purchase long-term care insurance for my parents? When is the best time to buy this policy?
Yes, you can purchase long-term care insurance for your parents. Your parents would be the named insured on the policy and you would be the payor. You can get the bills sent to you or withdrawn from any checking or savings account that you put on the policy.
The benefits would go to the named insured, your parents in this case, when and if they needed to use the long-term care insurance benefits.
There is no time like the present, and that is very true when it comes to purchasing insurance policies. It is likely that your parents have already reached the age for purchasing long-term care insurance age.
Typically it is best to buy long-term care insurance anywhere from 50 to 60 years of age. Opinions vary on this, so you should speak with your local independent insurance agent about specifics.