Do you think it's right to get a life insurance policy on your elder parent just to have money for when they die?

Better odds than Lotto

Oh my gosh...what a question.

Not if your motivation is greed. Sometimes, a parent will suggest this, especially in the lower income brackets, so that they do not leave the family with debt. That is acceptable to me.

I always wondered why my wife bought me a new motorcycle to go with my life insurance policy.

My parents have both passed on and Idid not have to do this. If they did not have their funeral and expenses covered then I think it is okay to take out insurance on them to cover these costs. But to do it for me to make money upon their death seems kind of morbid.

Yes, absolutely....why not. One has nothing to do with the other.

Just wouldn't feel right. I would feel like I was demeaning the life of my parent.

As long as it's done to protect your interests, not for the purpose of getting rich off a relative who's passed on. My own case in point - many elderly do not own sufficient life coverage to pay for a funeral, let alone fully appreciate what will happen after they pass. They bought small policies many decades ago that are insufficient for estate needs. Although my mother left me a modest inheritance, she also left a house in need of much repair and updating before I can sell or rent it. Those costs were not planned for by her and as a result, my modest inheritance is being used for estate related expenses. I now have 2 complete sets of household bills, along with major home repairs and updating costs. I know that she wanted the funds she left me to go toward my own retirement, or at least things other than the upkeep and repair of her home. But, poor understanding has left me, and I'm sure many others out there, trying to clean up a mess.

You should have money to cover the burial, estate taxes, and other expenses. Most often, parents have life insurance that names their children as a beneficiary and this money can cover the expenses.

I don't think that you or your parents should feel bad about having insurance in this case. But, you shouldn't have to get the insurance if they already have it.