Can I Get A Life Insurance Policy On My 45 Year Old Brother?

My brother is unemployed.

  1. 3998 POINTS
    Matt Benore
    Founder, DenverWest Insurance Professionals, Inc.,
    Yes, you can get a life insurance policy on your brother even if he is unemployed.  The question will be who is the owner going to be?  You will have to explain if you are.  If your just going to pay the premium, then there should be no real concerns.

    The amount of life insurance may come into question however.  You should be able to get up to $250k with minimal issues.  Over this you may have to provide an explanation since he is unemployed. 

    Some companies will be more stricke than others so you may want to talk to your agent and see if they can look around for the best strategy moving forward.
    Answered on January 6, 2014
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  2. 1492 POINTS
    Jeff Davis
    Insurance Advisor, Lordship Insurance Services, California
    It all depends. Do you have any insurable interest in your brother? If you would not suffer any type of hardship from his death, then no. With relatives as close as siblings it is possible to establish insurable interest. 

    Who will be the owner? If he owns the policy then you can't get insurance on him. But if you own it then you will be able to.

    How much insurance do you want to get on him? And what are your reasons? These are questions you have to answer when it comes to getting insurance.
    Answered on January 6, 2014
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  3. 4249 POINTS
    Gary Lane
    President, Lane Independent Agency, Southern California
    You can get a life insurance policy on anyone if you have an insurable interest in them. You also need to let them know. Does he work with you? Are you dependent upon him in any financial manner? If not, what would you interest be? You should discuss this with your agent. Gary Lane, Registered Representative and Agent, New York Life, 949 797 2424. Thank you.
    Answered on January 6, 2014
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  4. 14231 POINTS
    Tom Sheehan
    Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
    More than likely, yes, so long as you have an insurable interest.  It is always best to check with your Insurance Professional who will be able to discuss with you in more detail this question and help to identify the best solution to meet your and your brother's needs.
    Answered on January 6, 2014
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  5. 7647 POINTS
    Mark Bartlett CLCS
    Branch Owner, TWFG Insurance Services, Fremont California and the Greater Bay Area Representing Dozens of Insurance Carriers
    Insurable interest is going to be the big question. What loss monetarily will you suffer by the passing of your brother. This is what an insurer is going to look at. If it falls on you to take care of your brothers family if he passes away or if you two have a business together this would be an insurable interest.
    Answered on January 6, 2014
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