Can You Take A Life Insurance Policy On Anyone?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    You cannot take a life insurance policy on anyone, just those with whom you have a financial interest. This means that if they were to pass away, you would suffer a financial loss, or emotional toll to the point that it has a limited financial value (as would the death of your child). The amount of life insurance you can take out on that person is constrained by that financial interest, and they need to sign the application in order for you to purchase the policy on them.
    Answered on September 4, 2013
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