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 application and cooperating with any of the underwriting requirements, be that a medical exam, phone interview, answering health questions, etc.

In order for someone to buy life insurance on you, they must get your consent, signature on the application, and you may need to answer medical questions or take an exam.

Learn more about Insurable Interest and how it works.