My dad is 50 years old and my stepmother is 37, and he wants to purchase life insurance for her. He will pay for the life insurance policy and he is the beneficiary.

Also my stepmother is a housewife.

He was told that he cannot purchase life insurance for her, until he has the same amount of life insurance on himself.

Does this make sense?

No, this does not make sense. The amount of life insurance purchased on one person should not affect the amount of life insurance on ano...

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Yes, you can buy life insurance for your spouse.

In order to buy life insurance you need insurable interest in that person.

Insurable interest means you stand to lose financially if the person dies, or you rely on the person for some means of financial support.

There does exist insurable interest between spouses, so you can buy life insurance on your spouse.

However, you will need your spouse's permission/consent,your spouse's signature on the application, and your spouse may have to answer some ...
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