Can I Buy Life Insurance on Someone Else?

Is it possible for me to buy a life insurance policy on another person?

Yes, if you have an insurable interest in someone else, you may buy life insurance on that person. However, you may or may not need their permission.

Insurable interest means you either rely on the person for some form of financial support, or that you would suffer some financial loss if the person were to die.

That means, you may buy life insurance on your spouse or domestic partner, on your kids, on your family members, or your business partners, among others.

For example, many adult children purchase life insurance plans on their elderly parents to help pay for final expenses including the cost of a funeral and burial for their parents.

Learn more about who you can insure for life insurance