No, you cannot take Life Insurance out on anyone.
In order for you to purchase life insurance on someone else there has to be what is called "insurable interest" between you and the person you want to insure for life insurance.
Insurable Interest means that you have something to lose if the insured person was to pass away.
Insurable Interest can be between spouses, children and parents, siblings, relatives, a business and business partner. And grandparents and their children or grandchildren, as well.
When purchasing life insurance on another person the insurer may require the signature of the insured person and the person you want to insure may have to answer some health questions.
Learn more about how you can buy burial life insurance on someone else.
In order for you to purchase life insurance on someone else there has to be what is called "insurable interest" between you and the person you want to insure for life insurance.
Insurable Interest means that you have something to lose if the insured person was to pass away.
Insurable Interest can be between spouses, children and parents, siblings, relatives, a business and business partner. And grandparents and their children or grandchildren, as well.
When purchasing life insurance on another person the insurer may require the signature of the insured person and the person you want to insure may have to answer some health questions.
Learn more about how you can buy burial life insurance on someone else.
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