You can buy life insurance on someone else's life if you have an insurable interest in that person. E.g. If an unrelated person owes you money, you could get a life insurance policy on their life with a face amount of approximately the amount that they owe you.
President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
Yes, you can. There are two ways of doing it:
1. With the cooperation of the insured. This means that you have some personal or business connection. You would sustain a loss in the event of his unfortunate death; he knows it; and would be willing to have us life insured for your benefit. Any mainstream carrier would offer coverage assuming he qualifies.
2. Without the cooperation of the insured. This is very tricky but can be done. There are excess-market carriers that will provide a policy without the insured knowing about it, under very extreme circumstances. One example is a husband who is just being a real bad guy in a divorce, and is refusing to support his ex-wife and kids.
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1. With the cooperation of the insured. This means that you have some personal or business connection. You would sustain a loss in the event of his unfortunate death; he knows it; and would be willing to have us life insured for your benefit. Any mainstream carrier would offer coverage assuming he qualifies.
2. Without the cooperation of the insured. This is very tricky but can be done. There are excess-market carriers that will provide a policy without the insured knowing about it, under very extreme circumstances. One example is a husband who is just being a real bad guy in a divorce, and is refusing to support his ex-wife and kids.