Is It Illegal To Buy Life Insurance On Someone Else?

  1. 12689 POINTS
    Ted Ratliff
    Owner, SFS Associates,
    As long as you have the consent of the individual and there is insurable interest you can purchase insurance on another party.  A family member such as brother sister, spouse child, parent or grandparent.  A business partner.  An insurable interest means that you may have the potential for financial loss should that person die.
    Answered on May 7, 2013
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