Can someone take out a life insurance policy on someone they are not related, or distantly related too?

Answer 1

Yes, but you need the consent and cooperation of the insured person. You can't take out a policy on someone without them signing the application, and giving blood, urine and saliva samples, and releasing their medical records.

Answer 2

If you don't have an insurable interest, no.
To explain, the insured's death would be a great loss to you. Otherwise, no.
The only instance I can think of, is, a fiance, or , you adopted a child.
\ Businesses can take out insurance on an officer, and sports teams can take out such a policy in it's players. It may cost a co a lot ofmoney to find and hire a suitable replacement, and a sports team may be bound to pay off a players' entire contract in the event of death.

Answer 3

Absolutely!

If you have a business partner, you can fund a buy sell agreement with life insurance.

If you take out a business loan, some banks may want a policy on you in event you die.

Insurable interest - there has to be a legitimate reason for the coverage.

Answer 4

There needs to be an insurable interest. Second cousin, once removed doesn't really cut it. You will almost always need to provide evidence of insurability unless you have a written contract between the two of you. Then you can use a product like Lloyd's of London's Confidential Life Insurance.

Answer 5

Yes, as long is there is insurable interest and the contract will require the insured's signature. FYI - With Life Insurance contracts, insurable interest ONLY has to in effect at the time of inception, not at the time of the loss.

Answer 6

Yes - Just make certain that the insurance company that sells it to you will honor the beneficiary of record.

Remember: Beneficiary of record can be changed, find out who would be authorized to change it.

Answer 7

I think so. But the isured person may need to sign off on it OR consent to health or physical test.

Answer 8

Absolutely no!!!