MarketWatch Guides may receive compensation from companies that appear on this page. The compensation may impact how, where and in what order products appear, but it does not influence the ...

Life insurance is meant to provide financial support for someone who may need it after your passing, and because of this, you can’t purchase a policy on just anyone. You could not, for example ...

"One way to buy life insurance for someone else is to purchase a policy on two lives paid for by either the one giving the gift or paid for by the one receiving the gift," Dunbar says. "An example ...

No. While you usually need permission when buying life insurance for someone else, that only applies to adults. However, in general, you must be a parent, grandparent or legal guardian to buy ...

unless you choose to name someone else. Should your child pass away while the policy is in force, the insurance company would pay out a death benefit to you. Child life insurance policies are ...

Please view our full advertiser disclosure policy. Protective is the best life insurance company, based on our in-depth analysis of its rates, historical portfolio performance, consumer complaints ...

Taking out a life insurance policy on someone else is perfectly legal, and there are circumstances where it’s worth considering. Many, or all, of the products featured on this page are from our ...

To take out a life insurance policy on someone else, you also need their permission. Life insurance is usually used to cover your own death and to provide for your spouse and dependents.

It’s possible to get a life insurance policy for someone else if these conditions are fulfilled. And spouses, ex-spouses, business partners, parents and creditors all may request and get ...

Another common way to give the gift of life insurance is to purchase a new policy for someone else. This is an excellent option for a young relative who may not otherwise have life insurance.

But you can also buy life insurance for someone else. For instance, couples typically have life insurance policies on each other. Grandparents can even get life insurance for their grandchildren.