Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
There are humorous examples where people have insured gold fish; however, a living person can be insured. The person applying for the insurance must have an “insurable interest” at the time the policy is issued. That means you cannot buy life insurance as a way to gamble. For the company to offer a life insurance policy there are underwriting criteria which must be met involving the insured’s health, family history, occupation, avocation, and additional factors.
Examples of who might be covered by life insurance include: children, your spouse, yourself, grandparents, Key employees, business owners, funding a trust (Estate Planning).
You do have to have an insurable interest as mentioned meaning you have a covered interest in the person you are wanting to get covered. You would not be able to cover your neighbor for example or strangers down the street.
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You do have to have an insurable interest as mentioned meaning you have a covered interest in the person you are wanting to get covered. You would not be able to cover your neighbor for example or strangers down the street.