Getting a policy on someone else is just like getting a policy on yourself with one exception. If this is on an adult, they have to be aware and sign the policy which is being taken out on them. They have to sign off.
If this is on a child, there has to be an owner, usually a parent or grand parent.
To get a life insurance policy on someone else, it is a good idea to start out discussing it with them. Get their exact date of birth, height, weight, whether they have used any tobacco in the past three years, and any medications they are taking. Ask about whether they have any health conditions now or in the past.
Nothing is more frustrating that being declined for life insurance when it was not your idea to get it in the first place. Involving that person, explaining why you are getting it, discussing who will pay for it, and asking whether they care if they take an exam, are all ways to help the policy be placed smoothly and without hard feelings.
Licensed Life Agent, Life and Finance/ 50 States, New York
To get a life policy on another they must be finacially dependant upon, or have insurable interest. They must be knowledgeable of the policy. Some companies do not allow if not in the immediate family range, however, if you take out the policy you will be the policy owner and them the insured. Why not have them be the policyholder and insured and you the payor of the policy. Makes more sense and is more of a positive notation.
In order to purchase life insurance on another party, there are a few things that must happen first. One is there must be an insurable interest. This means that you must sustain a financial loss of income or debt in order to have an insurable interest. Second, the person must be willing to take out the life insurance policy. You may be the owner and payer but they will be the insured. They must go through underwriting for health, life style, income, etc.
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If this is on a child, there has to be an owner, usually a parent or grand parent.
Nothing is more frustrating that being declined for life insurance when it was not your idea to get it in the first place. Involving that person, explaining why you are getting it, discussing who will pay for it, and asking whether they care if they take an exam, are all ways to help the policy be placed smoothly and without hard feelings.