Can You Get A Life Insurance Policy On Anyone?
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63333 POINTSview profilePeggy MaceMost of the U.S.No, in order to get a life insurance policy on someone else, you need to have an insurable interest in them. To put it another way, their death must cause you financial hardship in order for you to receive money for their death. If the other person is a close relative, just the emotional impact of their death is considered insurable interest, to a point.Answered on August 9, 2013flag this answer
14231 POINTSview profileTom SheehanAgency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482No, not really. In order to take out a life insurance policy on someone, you must have an "insurable interest" in that person. In a partnership business situation, for example, insurable interest is shared between the partners. Since the business would be affected by the passing of any partner, most likely having a financial impact, partners can arrange life insurance protection on each other to mitigate that impact should anyone die prematurely.Answered on August 9, 2013flag this answer
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