Can You Get Life Insurance On Anybody?

  1. 4249 POINTS
    Gary Lane
    President, Lane Independent Agency, Southern California
    The answer has two distinct parts to it. Part One: You can only purchase life insurance on someone you have an "insurable interest" in. This means you have some financial interest in them continuing to live. Such as a spouse, a child, a business associate, or some relative with whom you may be in some manner financially associated with. Part Two: Not everyone can have life insurance, except for the "Guaranteed" type insurance, which is for relatively low amounts of death benefit, and a relatively high premium. This may come through a group plan or a general advertisement. For the other types of life insurance, your health will be checked, unless you are a member of a group doing open enrollment, where the premiums are averaged out among sick and healthy members. After a health check, the company will make an offer of what they will charge and what death benefit they will offer. You may not get what you hoped for. Your best bet is to do everything you can to make sure your health exam will find you in the best health possible. Do not lie. They will find out. The company with the lowest rate is not always the one with the best coverage. Keep the reputation of the company in mind. Always best to go with the best life insurance company you can find who will cover you. Gary Lane 949 797 2424.
    Answered on December 1, 2013
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  2. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    No, you cannot get life insurance on anybody, and not everybody can get life insurance on you. In order to get life insurance on the life of someone else, the owner of the policy must have some financial connection to that person. If it is not a close relative, an eligible person may be someone who owes you a substantial amount of money, for whom your are providing a home, or some other insurable interest. That guideline helps prevent people from taking out policies on others just to make a windfall, or even for criminal intent.
    Answered on December 4, 2013
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