1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    You can buy life insurance on someone with whom you have an "insurable interest". That means that there would be a financial loss to you if they were to pass away. You can buy a policy for your children, as long as it is of a reasonable amount. And most companies will allow you to buy a small final expense policy for your parents.
    Answered on September 17, 2013
  2. 1450 POINTS
    Fred Adams
    The HSA Expert, Health Revival, Athens, GA
    To purchase a life insurance policy on someone, you must have what is deemed to be an insurable interest. This means that you would incur a financial loss or harm if the insured was to pass away prior to you. This could include purchasing coverage on your spouse, children (though normally at a reduced amount of coverage, though it does come at a very low cost), your parents, and, in some circumstances, a key person in a company which you may own or operate.
    Answered on September 9, 2014
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