Can anyone buy life insurance on another person?

UPDATED: Jan 11, 2011

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Can anyone buy life insurance on another person?

Isn’t consent of the potential insured required? If my boyfriend wants to buy life insurance on me, can he do that without my consent? I have life insurance through work and my daughters are the beneficiaries.

Asked on January 11, 2011 under Insurance Law, California


M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

In order for a person to be able to buy life insurance on another person they have to have what is known as an "insurable interest" in the person's life.  Otherwise, it is not legal.  An insurable interest means that you have some stake in that person's life or a reasonable expectation of profit or benefit.  An insurable interest can be had through natural relationships such as son's and daughters, through marriage such as husbands and wives and through business such as partnerships, etc.  Your boyfriend does not have an insurable interest in your life, even assuming that you may in some way support him. He can not purchase insurance on you.  It would be considered gambling.  Good luck to you.

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