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A wife can and often does take out life insurance on her husband. And a husband often takes out coverage on his wife. Parents also purchase life insurance on their children.
And business owners will often purchase plans on other key employees in the business or their partners in the business.
Yes, a wife can take out life insurance coverage for her husband as there is an insurable interest. However, the wife cannot take out life insurance coverage without the husbands knowledge and consent. The husband must sign the application and submit his personal and medical information to the insurance company's underwriting department.
It's a good idea for a wife to take out life insurance on her husband. Make sure you have an open conversation with your spouse and express your concern and come together on what you want the life insurance to do. Nothing can replace the loose of a spouse but having a game plan of how life insurance can easy the financial transition, maybe cover the mortgage payment, utilities, car payment or provide you a steady source of replacement income giving you time to grieving before you have to tackle the process of readjusting you life now that your spouse is gone. Know matter what your age is, it's always a good idea to see if life insurance on a spouse fits your needs.
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And business owners will often purchase plans on other key employees in the business or their partners in the business.