Only someone who has an "insurable interest" in you can purchase a life insurance policy on your life.
That means a stranger cannot buy a life insurance policy to insure your life.
People with an insurable interest in you generally include members of your immediate family; such as, your spouse, adult child, or parent. In addition, anyone who relies on you for financial support.
In some circumstances your employer or business partner might also have an insurable interest in your life.
Insurable interest may also be proper for institutions or people who become your major creditors; such as, a mortgage lender.
Learn more about who can take out a life insurance policy on my life.
That means a stranger cannot buy a life insurance policy to insure your life.
People with an insurable interest in you generally include members of your immediate family; such as, your spouse, adult child, or parent. In addition, anyone who relies on you for financial support.
In some circumstances your employer or business partner might also have an insurable interest in your life.
Insurable interest may also be proper for institutions or people who become your major creditors; such as, a mortgage lender.
Learn more about who can take out a life insurance policy on my life.
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