Who Can Take Out Life Insurance On You?

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    David RacichPRO
    Fountain Hills, Arizona
    Technically, no one can take out life insurance on you without your knowledge, your permission and your signature. Also, those who desire to take out life insurance on you have to justify the amount, define their relationship to you and establish an insurable interest as your beneficiaries. Life insurance is for beneficiary protection from economic loss in the event of your untimely demise.
      
    Answered on June 1, 2013
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    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    Who can take life insurance out on you? Anyone with an insurable interest, along with your consent. Depending on your situation, family members not primary ones, could insure you. Your employer could insure you based on need. So family could claim insurable interest and an employer could claim the loss of you, could hurt the business. Thus an insurable interest is born.
    Answered on February 7, 2018
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