You can take out life insurance on a relative with whom you have an insurable interest in their life. This means that there would be a financial loss to you if this relative passed. E.g. If you live with one of your adult children and share expenses with them, you would have an insurable interest in your child.
The other part to taking out a life insurance policy on a relative or any other person, is that they must sign the application, thus giving you permission to take out life insurance on them. If there is an exam or phone interview required, they must agree to doing those things, as well.
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The other part to taking out a life insurance policy on a relative or any other person, is that they must sign the application, thus giving you permission to take out life insurance on them. If there is an exam or phone interview required, they must agree to doing those things, as well.