The length of time it takes to get life insurance will depend on the insurance company and the type of life insurance policy you need, in addition to your personal health.

The traditional type of whole life insurance policy requiring a medical exam may take up to 4-6 weeks for you to get insured.

This may vary depending on the medical record requirements based on your health, and how long not takes to receive those records from your Doctor.

There are other types of policies available, including ...

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No, you cannot insure anyone for life insurance.

In order to buy life insurance on someone else, you need their permission, and you must have an Insurable Interest in the person you wish to insure for life insurance.

Insurable Interest basically means you rely on that person for some means of financial support, or that you would suffer some financial loss or cost, upon that person's death.

Usually, you have an Insurable Interest in a spouse, your children, family members, and business partners, ...

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No. If you answered all questions truthfully on your application for life insurance, the coverage cannot be taken away if your health changes. 

Once the life insurance policy is approved by the insurer, and you have made your first premium payment to the insurer, the coverage is In Force. 

It can be cancelled if you contact the insurer and request cancellation, or if you stop paying your premiums and the coverage lapses.

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No, you cannot take a loan out on a Term Life Insurance Policy, unless you have a Return of Premium (ROP) Term Life Insurance Policy.

Return of Premium means you will get most of your paid premiums returned to you if you are alive at the end of your term. 

However, during the term of your life insurance policy, some insurance companies may let you borrow the money that is building in the policy from the premiums paid.

If you want life insurance that allows you to take a lo...

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Yes, you may be able to take a loan out from your whole life insurance policy.

It usually takes several years before your whole life policy builds up some cash value.

You may be able to take up to 80% of the cash value as a loan, depending on the insurance company regulations for loans.

If you do not pay back the loan there may be taxes to be paid on your loan. Also, if the loan amount is not repaid, it may affect the amount of life insurance provided by your whole life policy.


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After you apply for a life insurance policy It can take anywhere from hours, to months to be approved for your life insurance coverage.

If you are applying for a simplified issue life insurance policy that requires no physical exam or medical records, it can be signed digitally and approved on the phone, it may even go into effect the same day you apply.

The cons of a simplified issue life insurance policy: this type of life insurance policy does not dig too deep into your h...

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Yes, you may be able to buy a life insurance policy on your brother if you have an 'insurable interest" in your brother.

Insurable Interest means that there is some sort of financial link between you and your brother. Either you rely on him for some financial support, or you may suffer financially if he were to die.

Your brother would, of course, need to cooperate in the process, sign the application for life insurance and provide medical information.  There are many circumstan...

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Corporate owned life insurance (COLI) policies have been used for many years, but it's purpose has changed over the years.

It began as a way to provide necessary money to a business when a key employee died. The death benefit allows the employer to recoup some of the loss of earnings incurred when a productive employee dies, and provides money for recruiting and training a replacement.  

For many years, it was a common practice for an employer to take out life insurance on a...

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Yes, you can take out life insurance on your spouse.

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

Insurable interest basically means you rely on the person for financial support, or you may suffer financially if the person were to die.

There does exist insurable interest between spouses, so you can take out a life insurance policy on your spouse.

When purchasing the life insurance on your spouse you may need your spouse's signature and he or she ...
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It is possible to take out a life insurance policy on your father.

Since he is your father, you have an insurable interest in him, which is required in order to buy life insurance on someone else.

However, when taking out the coverage you may need his signature on the application, and he may have to answer some health questions. But, some life insurance plans may not require his knowledge.

This article explains how to buy life insurance on your parent. You can even request a life insurance quote...
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A wife can and often does take out life insurance coverage on her husband. And a husband often takes out life insurance coverage on his wife. Parents also purchase life insurance on their children.

You can buy life insurance on your spouse because an insurable interest exists between spouses, which is a requirement to buy life insurance on another person. When you apply for life insurance on your husband, you may have to answer some health questions about his health.

Here's how...

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Yes, you can take out a life insurance policy on someone else if you have insurable interest in that person.

Insurable Interest means that there is a financial tie between you and the person you want to insure for life insurance.

Either you would be hurt financially if the person were to pass away (because they owed you money, because they help support you, etc), or you are helping them financially now and life insurance would pay you back for your financial loss upon the oth...

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For someone to take out a life insurance policy on you, they must have an insurable interest in you.

Insurable interest means the other person who wants to insure you for life insurance stands to lose financially if you were to die. The other person relies on you for some means of financial support.

For example, if you passed away, it would cause them financial harm.

Also, you must give the other person them permission to take out the life insurance policy on you by signing the...

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