Affordable Life Insurance Protection for Your Family

Can You Buy Life Insurance on Anyone?

Is it possible to buy a life insurance policy on anyone?

No, you can't just go and buy life insurance on any person you want.

Life insurance companies require that there be an "Insurable Interest" between the person to be insured and the person buying the life insurance policy.

This is to make sure that people don’t just go out and buy life insurance on people that are dying and they have no connection with; such as, a homeless person or someone you work with or know but don’t have an insurable interest in.

What is an Insurable Interest?

It means you rely on someone else for financial support, or you stand to lose financially if another person were to die.

There does exist an insurable interest between spouses, siblings, parents and their children, relatives, business partners, etc.


How can you buy life insurance on another person?

Besides having an insurable interest in the person, you would need the following:

  1. The person’s permission/consent/approval.
  2. The person’s signature on the application for life insurance.
  3. The person may have to answer some health questions.
  4. There may be a physical exam required of the person.


Any physical exam required by the insurer is paid for by the life insurance company.

If you buy life insurance on another person, you would be the owner of the life insurance policy, and responsible for the premium payments.

In addition, you would want to name yourself as the beneficiary of the life insurance policy. That way, if the insured person were to die, you would receive the proceeds from the life insurance – this is called the “death benefit”.

Usually, death benefits from a life insurance policy are paid directly to the beneficiary, free from any federal income tax.


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