Can I purchase a life insurance policy on anyone I choose to insure?

No. In order to buy life insurance on someone else, you must have an Insurable Interest in that person, and you need their permission in order to take out life insurance on them. The insurance company may also require the person's signature on the application for life insurance.

Insurable Interest means you either rely on the person for some means of financial support, or that you would suffer a financial loss should the person die.

Insurable Interest usually exists between spouses, business partners, and parents and their children, among others.

Learn more about who you can insure for life insurance.