Who Can You Insure for Life Insurance?

If you're considering buying life insurance you may be wondering - Who can you insure for life insurance?

Can you obtain a life insurance policy on some one other than your spouse or child?

Yes, you may be able to buy life insurance on a person who is not your spouse or child.

You can obtain life insurance on anyone with whom you have an insurable interest.

There must be an insurable interest for you to take out life insurance on another person.

One way to determine insurable interest is whether you rely on that person for financial support, or a living situation.

Each person has an insurable interest in his or her own life, and therefore can select anyone as a beneficiary. Examples of insurable interest include:

  1. Parent and child, husband and wife, brother and sister have an insurable interest in each other because of blood or marriage.
  2. Creditor - debtor relationships give rise to an insurable interest. The creditor can be the beneficiary for the amount of an outstanding loan.
  3. Business relationships give rise to an insurable interest. An employee may insure the life of an employer, and an employer may insure the life of an employee.

To be certain you may take out life insurance on a specific person, you can e-mail the insurance company you want to get coverage through and ask them to verify in writing (by e-mail) that you can take out a life insurance policy on the person you are interested in insuring.

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Who can you insure for life insurance 


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