Who Can You Insure for Life Insurance?

Can someone buy life insurance on another person?

Yes, if you have an insurable interest in another person you may purchase life insurance on them.

Insurance companies require insurable interest to exist between you and the person you want to insure for life insurance.

Insurable interest basically means you rely on the person for financial support or you may lose out financially if the person were to die.

So, for instance, you could buy life insurance on your parent, because insurable interest exists between parents and their adult children.

Many adult children pruchase life insurance on their parents to provide funds to pay for their final expenses, including the cost of a funeral and burial.

Learn more about who you can insure for life insurance.