Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Aug 6, 2021

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The Lowdown

  • You can insure someone else’s life under the right conditions
  • Some kind of insurable interest in the person is necessary
  • The insured person will also have to be involved in taking medical exams and putting their signature on the policy
  • Taking out a life insurance policy on a current or ex-spouse is one popular way to buy life insurance for someone else

Even though your intentions may be perfectly honorable, taking out life insurance on someone else isn’t something that can be done lightly.

In some circumstances, buying life insurance for someone else is allowed and your reasons for doing so can actually be quite reasonable.

So, how can you buy life insurance for someone else? This guide will tell you everything you need to know.

You don’t need to wait to find out about affordable life insurance rates. Before learning more about how to buy life insurance for someone else, enter your ZIP code into our free tool and get life insurance quotes from top companies near you.

Can I buy life insurance for someone else?

Yes, it is possible to buy life insurance for someone else. There are some restrictions to this though. This area of insurance is, of course, a tricky one.

Insurance companies generally won’t allow you to buy life insurance for someone without their permission.

It’s not possible to buy a life insurance policy for anyone you want. Firstly, you must have the person’s consent. So you can’t buy the policy without them knowing. Secondly, you should demonstrate what is called an “insurable interest.”

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How do I get life insurance on someone else?

So now you know it’s possible, but — how to get life insurance on someone else? To apply for life insurance on behalf of someone else, you will need their permission to do the application.

Not only will they have to sign the paperwork, but you’ll also need their assistance with the application. Usually, the application has questions only they can answer. And the majority of plans have a mandatory medical exam.

Who can you get life insurance for?

An insurable interest is a confirmation that if the insured person dies, you will struggle financially. A typical insurable interest example is a partner or spouse who is on your home’s mortgage with you.

Some of the people you may consider getting life insurance for include a minor or adult child, parents, a business partner, and a spouse or partner.

It can also be a good idea to take out a policy on your parents in a few situations. Maybe you want to cover funeral costs when they pass away. Or you have cosigned a loan with them and want to make sure it’ll be paid off.

The only requirements are that the insurable interest is demonstrated, and the person gives you consent.

Can I take out life insurance for my child?

As the cash value of whole life insurance grows over time, it could be a good gift for your child. This type of insurance earns interest over its term and is for the “whole life” of the insured person.

This particular scenario isn’t as common, but it’s still possible to insure a minor child.

Now that you know all that you need to know about getting life insurance for someone else, you can find the best rates on life insurance right now. Enter your ZIP code to compare free life insurance quotes from top insurance companies in your area.

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Frequently Asked Questions: Can you buy life insurance for someone else?

Below is a common question regarding obtaining a life insurance policy for others.

#1 – Can I take out a life insurance policy on someone without their signature?

The permission and signature of the insured person are necessary for a life insurance policy to be valid. A claim could be denied if it’s discovered that you didn’t get the necessary permissions.