As a life insurance agent, I hear from a lot of people who try to take advantage of their connection to a family member by purchasing a life insurance policy on them.
I remember a woman looking to purchase $1 million of coverage on her mother. Upon questioning, I discovered her mother was in hospice care with no more than one or two days to live. It was clear that she was simply looking to profit from her mother’s death.
While the intentions of this daughter may be in question, many people ask me about insuring their parents, children or siblings to avoid getting saddled with their loved ones’ debts. Even thought many unscrupulous agents will be happy to sell you a policy, that’s not necessarily a valid concern.
Very Few Get Stuck with Their Parents’ or Children’s Debt