In order to purchase life insurance on someone else, you need to have an Insurable Interest in the person you wish to insure for life insurance.
Insurable Interest basically means you either rely on that person for some means of financial support, or that the person's death would result in a financial cost or financial loss to you.
There may exist an Insurable Interest between non-family members, including but not limited to:
- You and Your Fiance
- You and Your Business Partner
- You and Your Life Partner
Learn more about buying life insurance on a non family member.