: To fund a "buy-sell agreement" or protect the company from the loss of a key executive ("Key Person Insurance").
AI responses may include mistakes. For financial advice, consult a professional. Learn more Can You Take Out a Life Insurance Policy on Anyone? - Aflac can you buy life insurance on someone else
Yes, you can legally buy life insurance on someone else, but only if you meet two specific legal requirements: and consent . Key Requirements : To fund a "buy-sell agreement" or protect
: Because you share debts, income, and household responsibilities. Learn more Can You Take Out a Life
: It is virtually impossible and often illegal to secretly buy life insurance on another adult. Forging a signature is a criminal act that can invalidate the policy.
: As the policy owner, you are responsible for keeping the policy active.
: For adult insureds, the person must participate in the process. They typically must sign the application and may need to undergo a medical exam to determine eligibility. Common Eligible Relationships You can typically establish insurable interest for: