Affordable Life Insurance Protection for Your Family
If you're considering buying life insurance you may be wondering - Who can I insure for life insurance?
Can I obtain a life insurance policy on someone other than my 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. Or, if you would suffer a financial cost should the person you wish to insure pass away; such as, having to pay for the funeral expenses of your parent.
Each person has an Insurable Interest in his or her own life, and therefore can select anyone as a beneficiary of his/her own life insurance policy.
Examples of Insurable Interest Include:
If You are An Adult, You May Insure:
NOTE: To be certain you can buy 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 (or by e-mail) that you can take out a life insurance policy on the person you are interested in insuring.
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