Yes, you can get a Life Insurance Policy on anyone as long as you can prove “insurable interest” and “consent” of the person to be insured. In case you miss these specifics, insurance companies won’t allow you to get the policy.

You might be wondering the first line itself contains two heavy terms – insurable interest and consent. Don’t worry, we will understand them first, then explore for whom and how you can get a life insurance policy.

There is also a Frequently Asked Questions section in the last that contains answers to questions popping in your mind while brainstorming this topic.

Insurable Interest

Insurable interest is the reasonable interest of an individual to get insurance for another individual against unwanted events like death, losses, and others.

You can understand it this way –

Life insurance provides financial protection in case the insured person dies. Then, a pre-decided sum or percentage of money is paid to the individual (can also be the nominee) hurt financially because of that person’s death.

Here the person affected financially is said to have an insurable interest with the insured person. In other words, the individual with an insurable interest will be affected financially when the insured person dies.

Yes, you can say that there is a catch in getting the life insurance policy for anyone. He or she needs to be someone whose death will affect you financially.

Many circumstances vote for insurable interest. Some examples are:

  • Suppose that you are conjointly associated with the repayment of a debt or mortgage. If you can prove that, you can get a life insurance policy on your partner.
  • Suppose that your father borrowed money from you, and it will be lost in case of his unfortunate death. You can buy an insurance policy on him and secure your money.
  • If you are in a business relationship and you’re going to suffer financially because of your business partner’s death. To avoid becoming a victim of such a situation, you can get a life insurance policy on him/her.

Another thing you require to get other people a life insurance policy is his or her consent. Consent is the mutual agreement between two parties over the same thing.

In the world of life insurance, consent is approving, permitting, or allowing a person to take out the life insurance policy on another person’s behalf.

Consent makes it extremely difficult to purchase a policy on someone else’s life. It is essential that he or she is aware of it and signs the paperwork. If not, insurance agencies will decline the application.

For Whom You Can Get A Life Insurance Policy?

By now, you might have understood that two things are essential to buy an insurance policy for someone else – insurable interest and consent of the person to be insured.

But who is that someone else or the person to be insured?

Well, the answer is right here. All people you can get a life insurance policy on are:

• Your Spouse/ Life Partner

Usually, the breadwinner in a family purchases a life insurance policy in his name and assigns his spouse as the beneficiary in case he dies. Here, note that the breadwinner can be a male or female.

However, you can get a life insurance policy on your spouse/ life partner, even if he or she does not earn anything. It is when your spouse cares for your child, and you’ll require funds to carry out the same if he/she dies.

• Your Loan Partner

Sometimes you are not the actual borrower but because of co-signing a loan becomes the loan partner. If your other partner (the real borrower) dies without repaying the loan, the lender will chase you.

You surely don’t want something like this to happen. What you can do is purchase a life insurance policy on the name of your loan partner and name yourself as the beneficiary. This way, you can protect yourself from financial and emotional stress caused by the death of your loan partner.

• Your Business Partner

Usually, when a new partnership business starts, one partner buys a life insurance policy on another partner’s name and vice versa. The sum insured is often the equivalent of another partner’s share in that business.

If one of the partners dies, the insurance company pays the surviving partner the money to purchase the shares of the late partner. This way, the business continues running under the surviving partner’s leadership. This kind of arrangement is possible even if there are more than two business partners.

• Your Children

Nobody expects the death of one’s child, but it happens. Sometimes things happen beyond expectations. Both grandparents and parents have the right to get a life insurance policy on their grandchildren and children.

This kind of policy helps them to overcome the financial burden caused because of the child’s demise. The amount received is used for paying the dues and bills of the deceased. It also takes off the financial burden from the parent’s shoulder caused because of funeral expenses and absence from work.

• Your Unmarried Partner, Fiancé, or Roommate

It is more about living together. Whether you are living with your unmarried partner, fiancé, or roommate, you’ll be hurt financially when he or she dies. It is because the rent, bills, mortgage payment, and other expenses you were sharing with your partner will instantly become your responsibility.

To protect yourself from such financial load, you can get a life insurance policy on your partner. The insurance companies will ask you to prove your insurable interest or/ and financial relation with your living partner. Do not forget to get yourself added as the beneficiary in case of your partner’s death.

• Your Adult Children

Sometimes an adult child borrows a loan co-signed by his/ her parents. There is nothing wrong with it, and many lenders also sanction the loan this way. The problem occurs when the adult child dies early, and parents (the co-signer) are held responsible for repaying the loan.

In this case, a life insurance policy can’t bring back the late child, but it can surely help parents in repaying the loan. This situation occurs commonly in the case of student loans, credit card dues, car loans, mortgage loans, and others.

You can purchase a life insurance policy on your parents if the scenario is just the opposite. You got it right – your parents borrow the money keeping you as the co-signer.

• Your Elderly Parents

The insurable interest of children with their parents is not difficult to understand. After the demise of parents, children are often responsible for covering their funeral expenses and repaying their debts.

The intent to buy an insurance policy on your elderly parents gains strength when you have kids, and your parents look after them while you are busy working. If your parents die, you’ll hire someone else to watch your kids.

It means you’ll be affected financially from the death of your elderly parents. So, get a life insurance policy on your parents if you are in one such scenario.

• Your Ex-Spouse

Many people share dependents or assets even after taking a divorce. Sometimes it is because of mutual agreement and sometimes because of the law.

If you or/and your children are dependent on your ex-spouse for childcare, income, and other needs, you can take a life insurance policy on him/her. Make sure to name your adult child or yourself as the beneficiary.

• Your Sibling

Mostly, siblings don’t have an insurable interest, but you can’t avoid some scenarios. Suppose that your brother or sister takes care of your parents. If he or she dies, there won’t be anybody to look after them.

You will hire someone to take care of your parents, and that means financial burden. The best you can do is get a policy on your brother or sister taking care of your parents. Name yourself as the beneficiary, and in the unfortunate event of your sibling’s demise, use the money from insurance companies to take care of your parents.

• Anyone Else Depending on You

There can be people you are associated with financially, people whose death will hurt your financial health in one way or the other. There can be circumstances or possibilities favoring this.

If you can prove insurable interest, you can get a life insurance policy on almost anyone. It can be someone different from those mentioned above.

Pros and Cons of Buying A Life Insurance Policy on Others

The decision to buy life insurance on others should come only after confirming that you’ll be financially affected by their demise. There can be both pros and cons of getting a policy on others.

Let’s understand them:


  • Mental Peace: If the death of a person affects you financially, then taking an insurance policy on that person will give you mental peace. The insured amount can take care of all things capable of hurting you financially.
  • More Control: When you buy an insurance policy on someone else, you get more control. For example, you can change the beneficiary.


  • Additional Trouble: Today, it is difficult to find people not juggling with commitments or responsibilities in their lives. If it doesn’t affect financially, getting a life insurance policy on others is simply additional trouble.
  • Cost of Premium: When you pay premiums for insurance policies on others, you put an extra burden on your financial health. Until it is not obligatory, consider the premium costs an expense.

Frequently Asked Questions

Before getting a life insurance policy on anyone, a lot of questions will pop-up in your mind. Well, you are not the only person with those questions. Many people before you have asked and many people after you will ask queries related to this topic.

To help you understand it in a better way, below are answers to some frequently asked questions about getting an insurance policy on others.

1. What’s the total insurance coverage I can get on insuring another person?

It depends upon insurable interest. The total insurance coverage can’t be more than the financial loss caused by the death of the deceased.

For example, you have co-signed a loan where the borrower is your father. You can take a life insurance policy on your father covering not more than the loan repayment amount. If you apply for more, the insurance company might not consider your application.

2. Can I purchase a life insurance policy without letting the other person know?

To purchase a life insurance policy on another person requires insurable interest, consent, and medical examination of the person to be insured. This procedure makes it almost impossible to purchase a policy without letting the other person know.

Getting a policy without the consent of the insured person is a kind of insurance fraud. If you do it, get ready to face the punishment.

3. I have taken a life insurance policy on my business partner, but he wants me to cancel it. What should I do?

Surrendering or canceling a life insurance policy on someone else is a personal choice. However, nobody can force you to sell, cancel, or surrender the policy unless ordered by the court. Do what is right according to the law.

4. I suspect that someone has taken a life insurance policy on me. What should I do?

When you are not sure, the Medical Information Bureau (MIB) will help. You can also seek the Policy Inspector’s help. Both these services will require a fee from you to remove your suspicion.

5. How to get a life insurance policy on someone else?

To get an insurance policy on someone else, you should:

  • Prove insurable interest with the person to be insured.
  • Finalize which life insurance policy of which company you are going to buy.
  • Get the consent of the person to be insured.
  • Make sure the insured person undergoes a medical examination.
  • Sign the documents/ contract.
  • Be consistent in paying the premium.

Wrapping It Up

Can you get a life insurance policy on anyone? Just prove insurable interest and gain the consent of the person to be insured, you can get a life insurance policy on anyone.

There are circumstances when taking a policy on other people guards you against financial downfalls. Make sure not to do anything against the law. If you do, get ready to face a lot of hurdles and disappointments.