It depends upon the laws where you live and whether there is a pecuniary or monetary interest.
Some jurisdictions will consider siblings to have an insurable interest, while others may not. An insurable interest means having a benefit associated with the continued life and good health of the insured individual. If you brother owes you money, or you rely on him for financial support then the chances of showing insurable interest are much stronger.
As Kevin stated, if your brother owes you money, or if you rely on your brother for financial support, those are reasons for which you may be allowed to buy life insurance on your brother.
Another reason is if you and your brother own a business together. Getting life insurance on your brother would allow you to buy out his share from his spouse, if he would pass away.
If you want to buy life insurance for your brother to cover his funeral and burial or cremation, a small policy like that may be permitted. If not, it could be easier to have your brother own the policy and you pay for it.
It never hurts to ask from an agency that can shop around.
Great question! Insurance companies will only write a policy when it can be demonstrated that there will be a loss to you, should the insured pass away. So you couldn't write a policy on the guy you met at the office, unless you could prove that you would lose income or assets if he were to pass away. The same would apply to your brother. Unless you can prove a monetary loss, it might be really hard to find a company that will issue a policy. The best way to do it? Like Ms. Mace suggests, have your brother get his own policy, and you make the payments for it. If you need help doing that, please feel free to contact me, I'm glad to help. Thanks for asking!
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Some jurisdictions will consider siblings to have an insurable interest, while others may not. An insurable interest means having a benefit associated with the continued life and good health of the insured individual. If you brother owes you money, or you rely on him for financial support then the chances of showing insurable interest are much stronger.
Another reason is if you and your brother own a business together. Getting life insurance on your brother would allow you to buy out his share from his spouse, if he would pass away.
If you want to buy life insurance for your brother to cover his funeral and burial or cremation, a small policy like that may be permitted. If not, it could be easier to have your brother own the policy and you pay for it.
It never hurts to ask from an agency that can shop around.