How To Take Out Life Insurance On Another Person?

  1. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    The process is simple.  The person you want to insure must cooperate.  Contact your life insurance agent and tell that person what you want to do.  There will be questions for the person being insured and a few for you as well.  I would suggest that in most circumstances if you are paying the premiums you will want to be the owner and beneficiary.  You should receive a copy of the policy and safeguard it.
    Answered on March 25, 2014
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