Who can you insure for life insurance?

Who can you insure for life insurance? can you obtain a life insurance policy on some one other than your spouse or child? Yes.

You can obtain life insurance on anyone with whom you have an insurable interest.

Each person has an insurable interest in his or her own life, and therefore can select anyone as a beneficiary.

1. Parent and child, husband and wife, brother and sister have an insurable interest in each other because of blood or marriage.

2. Creditor - debtor relationships give rise to an insurable interest. The creditor can be the beneficiary for the amount of an outstanding loan.

3. Business relationships give rise to an insurable interest. An employee may insure the life of an employer, and an employer may insure the life of an employee.