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 ...

Can you take out life insurance on someone else? To take out a life insurance policy on someone other than yourself, you must have a financial stake in their life. For example, it’s impossible ...

"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 ...

One of several steps in purchasing life insurance may be proving an insurable interest. We help you understand what insurable ...

These are examples of dependents who may benefit from your life insurance policy. If you share debts with someone else, life insurance can pay for them when you're gone. For example, if you have ...

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 ...

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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.

Policyholder: The policyholder is the owner of the policy, makes premium payments and is authorized to make changes. Insured: This is the person whose life is insured by the policy. The policy’s ...