This may includes family members, a bank, your company or a business partner.
However, they may be required to have your permission, your signature on the application, and you may or may not have to answer some health questions.
Insurable Interest means someone relies on you for some form of financial support, or they would suffer financially if you were to die.
For instance, your spouse would lose your income if you died, so he/she could buy life insurance on you.
In addition, you may have to pay for your elderly parent's burial expenses if your mother or father died without insurance, so you can buy life insurance on your parents.
If you own a business and your business partner would be financial impacted by your death, your partner may be able to purchase life insurance eon you, and you on him or her.
Learn more about who can insure you for life insurance.