Can You Get Life Insurance On A Non Relative?

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   Peggy Mace

   Most of the U.S.

   You can get life insurance on a non relative if you have an insurable interest in that person. E.g. if you and your boss have been talking about you taking over the business someday, you could take out a life insurance policy on your boss so that you are able to purchase the business in case of his death. Or perhaps you loaned a neighbor money to rebuild his house after a fire. You could take out a life insurance policy on your neighbor of the amount that you loaned him, so you would get repaid if something happened to him.

   Answered on June 21, 2013

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