Can you buy life insurance for someone else?

Yes, you can buy life insurance for someone else. Life insurance protects you if a person you financially depend on passes away, but 1 in 5 people are underinsured. To buy life insurance for someone else, you must prove insurable interest and have their consent. It is common to take out policies for spouses, parents, adult children, people you’ve co-signed a loan or mortgage with, and business partners. Compare life insurance quotes for someone else online to get the best rates.

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UPDATED: Jun 1, 2022

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