Can an adult child take out insurance on an adult married parent without the parent’s consent?
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Can an adult child take out insurance on an adult married parent without the parent’s consent?
Asked on July 21, 2011 Illinois
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The law requires that a person obtaining life insurance on the life of another have what is known as an insurable interest in that person's life. An insurable interest exists when an insured person derives a financial or other kind of benefit from the continuous existence of the insured object (or in the context of livingpersons, their continued survival). A person has an insurable interest in something when loss-of or damage-to that thing would cause the person to suffer a financial loss or other kind of loss. The insurable interest of family members is assumed to be emotional as well as financial. The law allows insurable interest on the presumption that a personal connection makes the family member more valuable alive than dead. Thus, husbands/wives have an insurable interest in their spouse, and children have an insurable interest in their parents (and vice-versa). Fill out the policy information truthfully. You should have no problem.
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