Veston Pants
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In the UK it is illegal under statute. Some time in the 20s, I think, from my insurance exams. Anyway it was nicknamed the "Gambling Act". One requires an insurable interest in the other person like a debt or other such loan.
A man has an unlimited insurable interest in his wife in the UK but none in his children.
xxFJ |
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Richie Rich
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Must have an insurable interest and the others consent if they are of legal age. |
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tkg_namboodhiri
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Yes You can, if you have an "insurable interest" in that person. Let me explain: You must have a financial interest on the person on whom you want to take Life Insurance. His/her death or disability must affect you. You can take insurance on your wife, minor children, and business partners. A company may take life insurance on its employees,to the extent of their employment in the company. |
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jokerman131
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if there is an insurable interest
husband on wife for instance
partnership insurance is another |
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Insurance Pickle.com
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there are certain products you can...like you could buy a travel policy on them without their knowledge, but then you have to crash the plane which up your film costs.
But, generally as long as there is a reason...like you're sharing a mortgage, you lent them money, etc... But, you can't just buy one on your neighbor because you don't like them and have them offed and collect. The insurance company not only underwrites the health of the person but they underwrite the reason for the insurance and you need to justify the amount. |
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Chris M
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Ditto... you need to prove that you would be financially worse off if the person insured was to die. Also known as 'insurable interest'.
If you do buy life cover you can save some money by using a discount service which rebates some of their earnings back into the plan to reduce your premiums. This might not be suitable if you need advice although some services claim they offer that too. Some of these discount life insurance services are...
http://www.lifesearch.co.uk
http://www.policysaver.com
http://www.life-saver.co.uk
http://www.cavendishonline.co.uk |
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edphillipdoles
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Only if you have an insurable interest in the person. meaning their death will cause you a hardship. |
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welcome news
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You can only take out life insurance on another person if AT THE TIME YOU TAKE OUT THE POLICY you have have an insurable interest in that person remaining alive.
Examples are: your own life, the life of your spouse. Life of your children (limited to funeral costs). The life of a business partner (up to the value of his amount of the partnership).
Other examples may be - the life of the Monarch e.g. if you are holding an event that would be cancelled if the monarch
died.
If there is no insurable interest then the policy is not one of insurance but gambling - and hence unenforceable.
See The Life Assurance Act 1774 |
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aaron p
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Yes, you can take out life insurance on other people. You have to have insurable interest, and the issue limits are usually limited to less than the value of that person alive. There are two scenarios:
1. You have a close family member or business partner who you would like to insure, they give you permission and sign all the forms necessary to be insured. This is the common situation most agents are familiar with.
2. There is a legal document requiring insurance on an individual or you have a contractual relationship with an individual who is critical to the completion of that contract. You may be able to get a policy on their life through Lloyd's of London without their knowledge and Lloyd's does not report it to MIB, so they won't ever know. In the case of a judgment, the amount of insurance is limited to the court order. In the case of a contractual relationship, the amount is something less than the value of the completed contract (to be determined by the underwriter).
My fellow answers love to give thumbs down for this response, but in rare circumstances (like a deadbeat dad), it is valuable to have. Check out the link for yourself. http://piu.org/confidential_life_insurance.html |
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Macbeth
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There now has to be an insurable interest to take out life insurance on another persons life i.e husband to wife. In the past you could take out cover on a famous person, such as a General, in the hope you might gain if they were killed in battle!! |
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Mr. Sniffy
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Yes. It's especially popular when you have a plot to kill them off soon. |
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Jessica
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Only if that person consents. That person will need to come in and sign for the policy |
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Veritas
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No, unless it is a spouse. You have to have what is known as an 'insurable interest'. You are deemed to want your husband/wife to stay alive? however, if you were allowed to insure anybody Else's life, you might simply knock them off for the money. Technically, the term is 'assurance' rather than 'insurance'. |
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Feeling Mutual
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Yes, your children, your dependents, and even your employees. |
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Happy Murcia
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Only with their consent........ |
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DEVILS ADVOCATE
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i used to work in insurance and the answer is yes, but with that persons written permission |
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