11/27/2025
Is it possible to take out a life insurance policy on a business partner? What about your spouse? Can you buy a policy insuring the life of a relative? In this article, we’ll explain why you might want to take out a life insurance policy on someone else, how it works, and what requirements need to be met to purchase a policy on another person.
Taking a life insurance policy out on someone else requires their consent and a demonstration of a concept called “insurable interest.” Here’s what you need to know.