Yes, you may be able to purchase a life insurance policy on someone else.

The insurance company will require that you have an "Insurable Interest" in the person you want to insure.

This means that you would suffer a financial loss if the person were to die, or that you rely on the person for some form of financial support.

There does exist insurable interest between spouses, siblings, parents and their children, family members, and business partners, among others.

In addition, if you want to insure someone else for life insurance you may be required to get their permission, have them sign the application, and that person may need to answer some health questions.

Learn more about who you can insure for life insurance.