0
No, you must have an "Insurable Interest" and if they are not minors they must sign the application.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Can i buy a life insurance policy on anyone?
No. You have to have an insurable interest in the person's life in order to take out an insurance policy on their life.
Can someone take out a life insurance policy on someone that they do not know?
Why in the world would anyone want to pay that much money for an insurance policy if they did not know the person? Life insurance is expensive.
Can you take out a life insurance policy on any individual you wish to?
no. there are laws for life insurance policy and is illegal to take it out to any individual
Can a wife take out a life insurance policy on her husband?
yes you can just go to a insurance place and take out insurance policy he will have to be there also,
How long does it take to cancel your life insurance policy?
I have a whole life insurance policy, how long does it take to cancel it, also can I get money back from it.
Can i take out a term life insurance policy then quickly sell it?
No, because Term Life insurance policy has NO cash value.
Can an ex partner take out life insurance for the partner if they wasnt mairred?
You can take out a life insurance policy on anyone, regardless of marriage or blood line, AS LONG AS you can prove that their death would be a financial hardship for you. So if ex partner is giving you child support, then yes you can take out a policy.
Can you take out a life insurance policy on your mom if she has HIV?
This may be possible - but it would be most likely a quite expensive life insurance policy.
Who can own a life insurance policy on you?
A husband can buy a life insurance for his wife. Husband becomes the proposer and he is also the beneficiary in case of any unfortunate death of wife. Similarly a working wife can also propose a policy for her husband. Father or mother can take out a life insurance policy for their children. Children cannot take out life insurance policy on their parents name as there is no insurable interest for them to do so. Almost anyone with relationship interest can be the owner of someone else's life insurance policy. The further removed the proposed owner is form the insured, the harder it will be to explain ownership. Note that corporations can also be the owner of policies.
How does life insurance provide for a family in cases of suicide?
In case of suicide, the insurance company will not provide any compensation for the family of the policy holder. Life insurance will only take care of the family of the policy holder when he does not take his own life.
Can you take out a Life insurance policy on a parent?
Yes, you can take out a life insurance policy on a parent. There must exist insurable interest between the owner and insured of a life insurance policy. There does exist insurable interest between spouses, parents and children, and siblings. So, yes, you can buy life insurance on your parent. Your parent may need to sign the application, answer some health questions, or take a medical exam to qualify for life insurance.
Can you collect on a life insurance policy if divorced from the deceased?
You can only collect on the life insurance if you were awarded this at time of divorce. I was awarded the ability to take out a life insurance policy on my ex. as I receive a military retirement which only exists if he is alive. After his death, it would stop, therefore I have the life insurance policy.
