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:

  1. Husbands, wives, or children
  2. A business owner can buy life insurance on his key employees
  3. Creditors are allowed to take a policy on their borrowers