Almost anyone can buy a life insurance can buy a life insurance policy as long as they qualify medically under the underwriting rules of the issuing carrier.
Some policies incorporate full medical underwriting while others follow a limited or short form underwriting process.
Most policies require you to be a US citizen but there are carriers and products if you are a legal resident.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Who can take out a life insurance policy? Well the first requirement is being 18 or older as a life insurance policy is a contract and currently that is first requirement for a contract to be enforceable. After that issue is met, just about anybody can take a policy out on themselves or others provided they can show an insurable interest with the other person.
Founder, Abrams Insurance Solutions, Inc., San Diego, CA
I agree with Bob and Larry above and to add a little more detail about the age range: A parent can take out a life insurance policy for a child's benefit, usually when the child is 2 weeks old. The parent does this to provide guaranteed insurability for the child and/or to provide a vehicle to accumulate money for the child. When the child is 18 or older, the parent can change ownership to the child. The maximum age that I have seen to take out a policy is 90 years old.
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Some policies incorporate full medical underwriting while others follow a limited or short form underwriting process.
Most policies require you to be a US citizen but there are carriers and products if you are a legal resident.