Yes, you may be able to buy life insurance on a family member.
Insurable interest is required when buying life insurance. So, if you have an insurable interest in your family member, you may buy life insurance on that person.
Insurable interest means you rely on the person for financial support, or you may suffer a financial loss if that person were to die.
Insurable interest does exist between spouses, siblings, parents and their children, family members, business partners, and among others.
If you are married you may want to insure your spouse to provide financial security for your children in case of your spouse's passing.
If you are a parent, you may want to insure your child for final expenses.
If you are a grandparent, you may want to buy life insurance on your grandchildren to leave them with financial security for their future family one day.
You may also want to insure the life of your parents to help pay for their final expenses.
Learn how to buy life insurance for a parent.
Insurable interest is required when buying life insurance. So, if you have an insurable interest in your family member, you may buy life insurance on that person.
Insurable interest means you rely on the person for financial support, or you may suffer a financial loss if that person were to die.
Insurable interest does exist between spouses, siblings, parents and their children, family members, business partners, and among others.
If you are married you may want to insure your spouse to provide financial security for your children in case of your spouse's passing.
If you are a parent, you may want to insure your child for final expenses.
If you are a grandparent, you may want to buy life insurance on your grandchildren to leave them with financial security for their future family one day.
You may also want to insure the life of your parents to help pay for their final expenses.
Learn how to buy life insurance for a parent.
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