Yes, you may be able to buy a life insurance policy on another person and name yourself as the beneficiary.
In order to buy life insurance on someone else there must exist an insurable interest between you and the person you want to insure.
An insurable interest basically means you stand to lose money financially if the other person dies. For instance, you may rely on the other person for financial support, or you want to pay for the other person's burial, funeral, and final expenses if the person dies.
Who has insurable interest? Usually, insurable interest exists between spouses, siblings, parents and their children, relatives, and business partners, among others.
Here's how you can learn more about what is insurable interest and how it works.
In order to buy life insurance on someone else there must exist an insurable interest between you and the person you want to insure.
An insurable interest basically means you stand to lose money financially if the other person dies. For instance, you may rely on the other person for financial support, or you want to pay for the other person's burial, funeral, and final expenses if the person dies.
Who has insurable interest? Usually, insurable interest exists between spouses, siblings, parents and their children, relatives, and business partners, among others.
Here's how you can learn more about what is insurable interest and how it works.
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