Can you buy life insurance on someone else?

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states.
After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu…

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Rachael Brennan


Licensed Insurance Agent

UPDATED: Nov 30, 2021

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Here’s the Scoop

  • You can buy life insurance on someone if you have an insurable interest
  • Insurable interest means you would be financially impacted by their loss
  • You’ll also need to have the person’s permission to insure their life

Can you buy life insurance on someone else? If you can prove that you have an insurable interest in that person, you can likely get a life insurance policy taken out on them.

You’ll also need that person’s permission. Insurance companies also ask that the insured individual goes into a medical exam for underwriting to get access to the types of life insurance you may want.

While you’re learning about how you can buy life insurance on someone else, enter your ZIP code into our free quote tool to see what you could pay for a new policy.

Table of Contents

Can I get life insurance on someone else?

Whether or not you’re able to take out a life insurance policy on someone else will depend on how you would be affected if that person were to die. When you apply for a life insurance policy on that person, your insurer will ask if you have an insurable interest in that person.

According to Cornell Law, insurable interest is when someone will be financially impacted by the loss of that individual during the term of the policy. For instance, if you had a family member you’re worried about losing, you could likely get a policy to cover any period of their life. You’ll be financially responsible for the policy, however.

According to Business Insider, the average cost of life insurance can range from $40 to $50 a month. However, life insurance can also be more expensive when considering different policy types, extended coverage, and riders.

Who can I take a life insurance policy out on?

You can take a life insurance policy out on anyone that you have an insurable interest in. An insurable interest means that you would face financial hardship if someone were to pass. If you’re going to take out a policy on someone else, you’ll need to show that you would likely require the payout to survive and pay your bills.

Some examples of the people that you can take out a life insurance policy on include:

  • Adult children
  • Spouses
  • Parents
  • Siblings
  • Business partners

Your insurer will want to underwrite the person and even ask them to go for a medical exam. The insurance company underwrites this risk to give you a reasonable price for your policy.

Can you buy life insurance for someone who is dying?

Since life insurance policies will always ask about someone’s health, you might have a hard time finding a life insurance policy for dying. When an insurer gives you a policy, they want to make equal or more than you would receive as a death benefit. If there’s no chance of that, you likely can’t get a policy.

However, you still have options. For instance, single premium life insurance allows the insured to pay the entire premium when they sign up for the policy. So while there may be a discount, you will still pay a large sum upfront to get the death benefit.

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Who can buy life insurance on someone else?

As previously mentioned, anyone who has an insurable interest in someone else can buy a life insurance policy on that person. As long as there are no serious medical issues, you should get some form of coverage on that person.

Do you need permission to get life insurance on someone?

Are you wondering how to take out a life insurance policy on a family member? You might want to start by discussing the decision with the person you want to insure. If the insurer doesn’t ask for explicit permission from that person, they may still require an exam to underwrite them.

Can you take out a life insurance policy on your spouse without them knowing?

Can you get a life insurance policy on someone without them knowing? If you’re hoping to take a policy out on someone without their permission, you may be out of luck. Firstly, the insurer will ask if the person is aware. Then, they may ask them to undergo a medical exam to price the policy you’ll be paying on correctly.

Even if you get life insurance with no medical exam, you’ll still have to get permission from the insured to take out a policy.

Can you take out a life insurance policy on a parent?

Suppose you can prove that you would be financially impacted by the loss of your parents, such as having to pay for burial or medical expenses. In that case, the insurer will be much more willing to let you take out the life insurance policy on your parents.

Can you buy life insurance on a parent without their consent? As with anyone else, you’ll need permission from your parent to take out a life insurance policy on them. In addition, if your parents are older than 45 or so, they may have to undergo some form of medical underwriting to give you the right price for your policy.

Life Insurance on Someone Else: The Bottom Line

The good news is that you can get life insurance on someone if they are close to you. If you can prove an insurable interest in that person, you can get a life insurance policy on them. You will still need their permission and ask them to undergo a medical exam for underwriting.

Are you wondering if you can buy life insurance on someone else? Enter your ZIP code into our free quote tool to get an idea of what you could pay for coverage on that person.