Can Anyone Take A Life Insurance Policy Out On You?
61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaLife insurance relationships between the policy insured and its beneficiaries must establish insurable interest between parties. It must also justify the amount of coverage. And to the question at hand, no one can take a life insurance out on you without your signature as the policy insured on the life insurance application.Answered on August 4, 2013flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaThe key is that the applicant must have an insurable interest in the insured. If there is a business relationship, or if you are a donor to an organization that depends upon your generosity, or if you owe money to a lender are just a few of the insurable interests that lie outside the normal family relationships. You cannot buy life insurance on a person just to gamble on a premature death. You must have an insurable interest.Answered on May 20, 2014flag this answer
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