Buying Life Insurance on Parents New York

[NewbieTotheGame]

I was wondering if I could purchase life insurance on my parents in New York State without them knowing about it? I'm in my mid twenties and they're in their mid fifties and they have a sizable mortgage currently.

I'd prefer them not knowing about it if possible as it seems kind of wrong to purchase it on them but I do not trust their financial judgement.


Thanks

 

[LGilmore]

Actually no, you can't purchase coverage on your parents without their consent. About the only people you can purchase coverage on without consent is children.

 

[Cornelius]

It's not wrong if there is a need. Just consider the alternative. Make sure all family members are covered or at least allow them to tell you no so at least you can have a clear conscience just in case.

 

[nylife11023]

Another newbie here. Could he buy an annuity for his parents without them knowing?

 

[TheCaspian]

How big is the mortgage? Are you sure you can't convince them to spend $50 bucks a month to keep their children from having to liquidate the home?

I know how unreasonable some parents can be though, but I would try before you assume they won't do it.

You need sigs and consent for an annuity too, but you could make someone a beneficiary without them knowing. That doesn't really help him though