Can You Get Life Insurance On Anyone?

Typically to purchase life insurance on someone else there must be an insurable interest that exists between you and the person you want to insure for life insurance.

Insurable interest is the presence of some potential financial loss which the owner or beneficiary of the life insurance policy will suffer upon the insured person’s death.

That means either you rely on the person for financial support, or you may suffer financially if the person were to die.

Those who are connected by ties of marriage or blood are considered to have an insurable interest in each other if the death of the insured would mean financial loss, either of income or because of estate settlement needs.

Insurable interest may exist between spouses, parents and their kids, relatives, business partners, etc.

Learn more about who you can insure for life insurance.