Agent, Rural Mutual Insurance Co., Union Grove, WI
You can own a life insurance on another person as long as there is an insurable interest. Grand-parents will at times purchase a life insurance policy on thier grand-children, or parent may purchase a policy on thier children, or a child could purchase a policy on thier parent(s). Contact your local agent to discuss the specifics of your situation to find out if you can purchase the type of policy that you want.
There must be insurable interest as defined by economic loss at the demise of the policy insured. If no such financial liability can been established the life insurance company will deny the application. Unrelated parties with no business nor personal economic relationship cannot “take out” a life insurance policy on someone else.
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There must be insurable interest as defined by economic loss at the demise of the policy insured. If no such financial liability can been established the life insurance company will deny the application. Unrelated parties with no business nor personal economic relationship cannot “take out” a life insurance policy on someone else.