Can i take out a life insurance policy on anyone?

Question

We have tried to get him treatment and he won't. his mom needs the money....should i do it

He is on drugs bad.....could i do it?

Answer 1

Well, you need to get his permission and cooperation . . . but unless you're willing to pay the insurance company the same amount they would pay you, no one is going to give you a policy on him.

IE, if you want $5,000 of coverage, you'll have to pay $5,000. Might as well save the money for the funeral yourself.

Answer 2

Fuhgeedaboutit.

First, you can't buy life insurance on just anyone. You have to have an "insurable interest".

Second, every insurance application asks about drug usage. If the amount of the insurance reaches certain levels, typically $100,000, then a medical exam will be required. I know of none that will insure active or recent illegal drug users or abusers.

Bottom line. You likely don't have an insurable interest and he is uninsurable anyway.

Answer 3

You can only purchase life insurance in a person whom you have some economical interest on. If that person is your spouse, brother or close relative, you might have an insurable interest.
This person's mother can purchase life insurance (covering the person's life), but if he is on drugs, very few companies will accept him (and if they do, the premiums might be higher).

Answer 4

yeah, i'm sure the insurance companies are going to line up to insure that guy.

you know that he is going to have to get a physical and most likely take a drug test before they issue a policy. think he's going to pass the test?

Answer 5

You can't unless he signs the application.

Answer 6

I don't think drug abuse is a covered claim...

Answer 7

Thanks for the laugh.