Buying life insurance on yourself is the most common way people purchase life insurance.
But, you don’t actually buy the coverage for yourself, you are the insured person, but the coverage provides a death benefit for someone else, for example, your spouse or child.
So, although you are the owner of the life insurance, and pay the premiums, and the insurance is there to insure your life, the reason you buy life insurance is to provide financial security for your loved ones.
In order to purchase life insurance on someone you must have an insurable interest in that person.
You always have an insurable interest in yourself, and that means you can buy life insurance on your own life.
Learn more about how to buy life insurance for yourself.
But, you don’t actually buy the coverage for yourself, you are the insured person, but the coverage provides a death benefit for someone else, for example, your spouse or child.
So, although you are the owner of the life insurance, and pay the premiums, and the insurance is there to insure your life, the reason you buy life insurance is to provide financial security for your loved ones.
In order to purchase life insurance on someone you must have an insurable interest in that person.
You always have an insurable interest in yourself, and that means you can buy life insurance on your own life.
Learn more about how to buy life insurance for yourself.
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