Many families need life insurance coverage on multiple family members. So the question that often gets asked is can I buy life insurance for someone else?
The answer is, yes, it is possible to buy life insurance for someone else, but there are certain rules and considerations to keep in mind to legally purchase a policy on another person.
Consider the following:
It’s important to consult with a licensed insurance agent or broker to navigate the process of buying life insurance for someone else. We can help you understand the legal requirements and the best way to structure the policy to meet your needs. Additionally, always act with transparency, honesty, and respect for the person whose life you are insuring.