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 you may buy life insurance on your husband today.