Yes, you may be able to take out, or buy, life insurance on another person.
In order to do so, there must be an insurable interest between you and the other person you want to insure for life insurance.
An insurable interest means you rely on the other person for some financial support, or that you would lose financially if the other person were to die.
For instance, there does exist insurable interest between spouses, siblings, parents and their children, relatives, and business partners.
So, if you are related to another person, or rely on that person for some form of financial support, you may be able to buy life insurance on someone else.
Here's how you can learn what is insurable interest and how it works.
In order to do so, there must be an insurable interest between you and the other person you want to insure for life insurance.
An insurable interest means you rely on the other person for some financial support, or that you would lose financially if the other person were to die.
For instance, there does exist insurable interest between spouses, siblings, parents and their children, relatives, and business partners.
So, if you are related to another person, or rely on that person for some form of financial support, you may be able to buy life insurance on someone else.
Here's how you can learn what is insurable interest and how it works.
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