• Products
  • product_overview_menu_icon.svg

    Compare Our Products

    Explore and compare our life insurance policies

  • VUL_menu_icon.svg

    Variable Universal Life

    Highest level of tax advantaged growth with low fees

  • IUL_menu_icon.svg

    Index Universal Life

    Tax advantaged, moderate growth with downside protection

  • Term_menu_icon.svg

    Term Life

    Fast and affordable term policies

  • Combination_menu_icon.svg

    Combination Life

    Custom insurance plans to meet protection needs and access tax-advantaged growth

  • Learn
  • FAQs_menu_icon.svg


    Expert answers to your top questions

  • Education_menu_icon.svg


    Knowledge articles and resources from our blog

  • Sign In

Can I buy life insurance for someone else?

Yes, you may be the owner of a life insurance policy that insures someone else. Typically, there are three parties in a life insurance contract:

  1. The owner, who has the right to make decisions
  2. The insured, who’s life is covered
  3. The payor, the individual or entity that is paying for the policy.

However, you will need three items to be able to buy life insurance on another party: Insurable interest - there needs to be reasonable financial risk for the owner if the insured passes away Medical exam - most often, there is a medical exam required for the insured to complete Consent forms - the insured will need to sign the application and policy approval form to acknowledge their consent Some examples of individuals you can purchase policies on are: business partners, children (the one instance where you do not need their consent as long as they are under 18 years old), spouse, and parents.

Related Questions

Ready to get your estimate?

A personalized plan for you.