Who has insurable interest in a single person?
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UPDATED: Jul 15, 2021
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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.