I have one biological son who will soon be 33 years old. He also seems to have a death wish. He is very careless, accident prone, hotheaded and generally stays in jail more than out. Can I purchase life insurance on him legally? Will he need a physical? What if I just wanted to get accidental death insurance?
Morbid, cold, uncaring? Call it what you will. I just have a bad feeling that I will need to bury or cremate him one of these days. I am not looking to get rich here. I hope it never happens and I will waste tons of money but better safe than sorry.
Any ideas on where and how to go about purchasing life insurance?
As a relative and possibly next-of-kin, you have an insurable interest in your son and can purchase a life insurance policy on him. However, in some states this will require your son’s permission. An accidental death and disability (AD&D) policy does not generally require a physical, but a term life policy might.
The best way to find out what’s needed is to talk to a local insurance agent.
I don’t think you’re beiing morbid or uncaring any more than the parents of young children who buy life insurance for them and that’s heavily advertised. The last thing you need if your son dies is to have to worry about paying for his funeral. I don’t think you would need very much insurance though since he’s an adult and you wouldn’t be responsible for his debts. If he has a family though you might want to get enough to help them since he probably hasn’t gotten any.