Can I Buy A Life Insurance Policy On Anyone?
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaYou have to have financial insurable interest to be the beneficiary of the insured, whether family member, business associate or charitable donor. What financial loss with you experience at the demise of the insured? What future economic liabilities are you exposed to at the death of the policy insured? You also have to justify the amount of life insurance as well. The must be an economic tie to create insurance interest and justify the amount.Answered on July 2, 2013+01+1 this answer
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21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question! And the answer is no, you may not. The reason is based way back when life insurance policies first became popular. People would take out policies on other people and gamble on when that person would pass away. Often, these people had no idea that policies were taken out on them, or that their lives were about to be shortened. So policies were put in place to eliminate that practice. To insure someone now, you have to be able to show that you would suffer a loss, if the insured were to pass away. You can't demonstrate that loss on a stranger. Thanks for asking!Answered on July 28, 2014flag this answer
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