Yes, 2 people may take out separate life insurance policies from different insurance companies on a 3rd person.
However, when you buy life insurance on another person there must exist an insurable interest between you and the person whom you are taking out life insurance on.
Insurable interest means you may stand to lose financially if the other person were to die, or you rely on the person for financial support.
Usually, there exists an insurable interest between spouses, parents and their children, relatives, siblings, and business partners, among others.
Here's how you can learn more about insurable interest and how it works, before comparing life insurance rates and plans.
However, when you buy life insurance on another person there must exist an insurable interest between you and the person whom you are taking out life insurance on.
Insurable interest means you may stand to lose financially if the other person were to die, or you rely on the person for financial support.
Usually, there exists an insurable interest between spouses, parents and their children, relatives, siblings, and business partners, among others.
Here's how you can learn more about insurable interest and how it works, before comparing life insurance rates and plans.
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