Can you buy life insurance on anyone? For example: Someone you know lives a dangerous lifestyle?

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Can you buy life insurance on anyone? For example: Someone you know lives a dangerous lifestyle?

Doing the Right Thing

Generally no. You cannot buy life insurance for anyone. You must have a relationship with such person. There must be insurable interest.

Someone who lives a dangerous life like a active duty military personnel, a pilot, someone who does extreme sports, etc, are usually not insurable by any insurance company. Though some will do it, but you will have to pay a very high premium.

There are questions on the life application that the agent must read. If the person you are trying to insure matches any of the dangerous occupations, then the agent must not go further in the application.

rosita

Yep only you will pay higher premiums but you stand to gain more if they die... what do you mean dangerous

like CIA dangerous

or like alot of sex and going out

or neighbourhood violence

talk to allstate.

Yisrael Chai

This is a two part question

Can you buy life insurance for anyone- No. They must have a direct relation to you(I am speaking in a matter of ethics since there is no policy on this planet you can issue with out the insured's permission except in the case of an amployer/employee policy). A family member, someone in your household, someone who would have a direct financial issue like your employer or business partner. There are a few other examples but they are not worth mentioning.

For someone who lives a dangerous life-Yes. But I would not want to be the one to pay that premium! The riders(additional coverage based on individual situations) would make this policy very expensive. You could take the cost down based on certain types of death(I assume you are looking for accidental death and dismemberment) in relation to how long ago the policy was issued since most policies do not have full coverage for two years.

Cabana C

You can take out a life insurance plan on anyone. The issue is that the person being insured will have to take a physical and fill out a medical history. Once this is done the insurance company will evaluate the person for insurability and if they think the risk is a good deal for them. i.e. they think the person will live long enough to get the money from the person paying the premiums to cover their expenses. Then they will approve the policy and insure the person for as long as the premiums are paid in full.

jyd9999

in order to have ins. on someone u have to have an 'insurable interest' which means u will lose income or companionship if that person dies

jamesfrye

Quick Answer....

Most states require that a beneficiaty have a "Insurable Interest" in all Property and Casualty claims and even in Life and health claims.

Most insurance companies will not honor a life claim paid to someone without an insurable interest in a person's life.

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