Co-Founder, Coastal Financial Partners Group, California
It isn't clear if you mean paying premiums for a new policy for your grandmother where she will own and be the insured of the policy or if you mean to take out life insurance on her life but be the premium payor, owner and beneficiary.
In the former, if she is insurable, she can have a policy on her life and you can pay premiums which would be gifts to her. This can be done. In the latter, it is permitted under the rules of insurable interest as long as she is insurable and consents to the insurance.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Can I buy insurance for my grandmother? If you can show an insurable interest and she is insurable, yes you can. An insurable interest would be a family connection and something like the purchase of a policy and payment of a policy for final expenses. If the face amount were too high, you may be asked to explain the need and the offer might change. If you can't show a reasonable relationship between face amount and need, you may not get what you want.
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In the former, if she is insurable, she can have a policy on her life and you can pay premiums which would be gifts to her. This can be done. In the latter, it is permitted under the rules of insurable interest as long as she is insurable and consents to the insurance.