In order to buy a life insurance policy on someone else, you would need a few things:
1. The person’s permission
2. The person’s signature on the life insurance application.
3. An insurable interest in the person to be insured.
4. The insured person may need to answer health questions and take a physical exam.
In the real world, you have to have their permission, and cooperation – they’ll be subject to a paramedical exam, testing, etc, and have to release their medical records to the insurance company. If both of you go sit down with just about any local agent/broker, they’ll walk you through the process for getting life insurance.
If you want to buy a life insurance policy on someone’s life, you must have an interest in that person remaining alive, or expect financial loss from that person’s death. Do you rely on the person for financial support?
This is called an insurable interest. This requirement is mandatory at the time the life insurance is applied for.
So, in a nutshell, you must have an insurable interest and you must have the consent of the person who’s life you are insuring, otherwise you probably won;t be able to buy life insurance on that person.
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Disclosure: Compensated Affiliate
