Can you get a life insurance policy on anybody?

No, you cannot get a life insurance policy on anybody.

In order to buy life insurance on another person you must have an insurable interest in that person.

Insurable interest basically means you either rely on that person for some means of financial support, or that you would suffer financially if the person were to die.

For example, a wife has an insurable interest in her husband, and would suffer if she did not have his income upon which she relies to help pay the bills.

Or, an adult child has an insurable interest in his or her parent because they may have to pay for the final expenses of a funeral and the burial costs upon the passing of a parent.

Learn more about who you can insure for life insurance.