Can you buy life insurance for someone else?


Can you buy life insurance for someone else? Yes, but only under a specific set of circumstances. The most important rule is that there must be a relationship between you and the insured person. Often a family member like a spouse, child, parent, or even a brother or sister can qualify. In some cases, you can even take out a life insurance policy on someone who is your business partner.

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Written by
Insurance & Finance Analyst
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Reviewed by
Farmers CSR for 4 Years
UPDATED: 2021-12-03T14:44:58.063Z
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A couple buying life insurance.

What You Should Know

  • You must have insurable interest or financial interest in someone’s life to buy life insurance for them
  • There are limits to how much coverage you can buy
  • The person being insured must give consent and their signature on the life insurance application.

Usually, when you buy life insurance, it’s for yourself. However, there may be times when you want to purchase a policy and name yourself as the beneficiary. You may be wondering if that is legal or even a good idea.

Find out the answer to: can you buy life insurance for someone else? This guide will also cover life insurance companies’ coverage costs and more.

You don’t have to wait to find life insurance quotes. Our free tool lets you enter your ZIP code to get affordable life insurance from top companies near you.

Buying Life Insurance for Someone Else

So, do you need permission to get life insurance on someone? In short, yes, you do.

It’s one thing when you are insuring your own life. However, when you want to be the beneficiary on someone else’s life insurance, the life insurance company will ask for a few things.

You must first prove insurable interest, which means you would suffer financially if the person were to pass away. This requirement obviously would not be met if the person is someone you don’t know.

The other main requirement is the permission of the insured person. They will need to consent and sign the paperwork for the life insurance policy.

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Who can buy life insurance?

There are a few good reasons why you may need to buy life insurance for someone. A common one is that you want coverage for that person's final expenses. Another common reason is financial protection in the case of their death.

How to take out a life insurance policy on a family member is just part of the picture. What if the person has a terminal illness? Can you buy life insurance for someone who is dying?

In general, you can start the insurance policy application, but the insured person will need to answer some questions. Most of the best life insurance companies also require a medical exam.

If the person is terminally ill, you cannot usually buy standard life insurance. However, you might be able to get a graded death benefit life policy that pays less if the insured person dies in the first few years after the policy is issued.

Can You Buy Life Insurance for Someone Else: The Bottom Line

Finding affordable life insurance for someone else doesn’t have to be hard. Now that you know how it works, you can get a quote using our free tool. Enter your ZIP code to get rates on life insurance for someone else from the best life insurance companies near you.

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Frequently Asked Questions: Can You Buy Life Insurance for Someone Else?

More questions about life insurance companies that allow you to buy life insurance for someone else? Here are the answers.

#1 – Can you take out a life insurance policy on your spouse without them knowing?

Since your spouse is the individual whose life will be insured, they must sign and consent to the life insurance application. It’s not possible to get around this, and forging a signature on an application form is illegal.

If you’re curious to know, can you take out a life insurance policy on a parent if they don’t give their consent? The answer is no. Although it may be a difficult conversation, it’s best to discuss final arrangements and their end-of-life wishes with your parents directly.

If they are terminally ill, there may be a special kind of life insurance you can purchase for them called a graded death benefit policy.

#3 – Can you get a life insurance policy on someone without them knowing?

No. There will always be two things required: their signature and their consent. The only exception is if you are taking out a policy on a child. In this case, their parent or guardian can consent.

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