Can I Buy Life Insurance on Anyone I Choose?
Sure, provided there is an insurable interest a relationship and with the insured’s consent. Insurable interest is a reason to buy life insurance on someone else because you could undergo a financial disaster if they die. A relationship can be:
- Husbands, wives, or children
- A business owner can buy life insurance on his key employees
- Creditors are allowed to take a policy on their borrowers