Can I buy life insurance for someone else? Or here is one that really scares people. Can someone else buy life insurance for me and then collecting the money if they die? I heard people asking these questions all the time and wanted to address both issues.The simple answer is "Yes". You are allowed to pay premiums and collect benefits under life insurance policies that guarantee the life that is not your own. For example, many people have life insurance for their children. Another example is that companies sometimes buy life insurance for key employees so that they can recover from the negative financial effect that losing that employees can cause.
There are two things you should consider. One would have to have the consent and participation of the person whose life is insured. Two, we must provide reasonable assurance company, which would suffer financially if the insured dies. The only exception to this is life insurance for children. Typically, mother of juveniles to purchase life insurance on the child, without any additional considerations. If you have nothing to lose by the death of the person and then not really "insurable interest" and will only really benefit from the death of the insured. Is relatively simple does not necessarily create an insurable interest.
Just visit their site to get more details.
There are two things you should consider. One would have to have the consent and participation of the person whose life is insured. Two, we must provide reasonable assurance company, which would suffer financially if the insured dies. The only exception to this is life insurance for children. Typically, mother of juveniles to purchase life insurance on the child, without any additional considerations. If you have nothing to lose by the death of the person and then not really "insurable interest" and will only really benefit from the death of the insured. Is relatively simple does not necessarily create an insurable interest.
Just visit their site to get more details.
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