Who has insurable interest in a single person?
Free Insurance Quote Comparison
Secured with SHA-256 Encryption
UPDATED: Sep 15, 2020
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
A person with insurable interest in another is a person who will experience an emotional and/or financial loss when the other individual dies. As a single person, there are many people who will feel an emotional loss at your passing including your parents, siblings and other family members. In addition, since you are likely to pass on some debt to your estate, there is a financial need to fulfill upon your death. This means that the executor of your estate has an insurable interest in you as well. If you do not have a will or executor named, then your family will have a financial responsibility when you pass away. If you have a mortgage, even your lender could be considered to have an insurable interest in you and can be named the beneficiary of your life insurance policy.