No, not anyone can take a life insurance policy on you. They must have a financial relationship to you, or be a very close relative. E.g. Someone to whom you owe a large amount of money could take out a life insurance policy on you, so that they would get paid if you passed away. However, you would have to agree to the policy, and sign the application, in order for them to take out the policy.
There has to be what is called Insurable Interest. This means there is a relationship with that person or company. In other words, if your an adult, over 18 years of age, your parents might want to have a policy with you as the insured. The Insurable Interest is established as a parent however like previously said, you have to sign the application being fully aware.
A company you work for might want to get a policy on you, referred as a key person insurance. This protects the company from lost revenue due to your death. Being an employee in this instance is the Insurable Interest.
Talk with a Broker/Agent about your specific situation to get a better understanding.
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A company you work for might want to get a policy on you, referred as a key person insurance. This protects the company from lost revenue due to your death. Being an employee in this instance is the Insurable Interest.
Talk with a Broker/Agent about your specific situation to get a better understanding.
The list includes: your spouse, parent, child, brother, sister, grandparent, business partner, employer, and favorite charity.
It could also include your banker, and investors in your company.
Of course, you as the insured must agree to being covered.
Also: former spouses and business partners can keep the policies they have on you!