Can a person insure himself for monetary benefit to a joint 3rd party, on Life/death policy, which is the best

Answer 1

in America, the person who buys the policy has to have an "Insurable interest" in the life of the person covered, but can name anyone or thing [trust, etc.] as beneficiary without limit [afaik].

since everyone has an "insurable interest" in himself, this would seem like a yes.

i believe insurance law in most British Empire countries is similar and can't help you if you're somewhere else.

Answer 2

You can take life insurance and nominate your parents or spouse or children.If you wish to nominate any other blood relatives like brother or sister you have to give a letter with proper explanation.
But if you want the monetary benefit to any third party, then you have assign the policy to that party. Like when you take loan from a bank or from any others, you have to assign the policy in the name of that person or bank and the proceeds of the policy will be paid to them only.

good luck
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Answer 3

If you mean an unrelated 3rd party, yes and no.

You can't take out a policy without insurable interest as Spock explained, but once that policy is issued, the owner can change it to Willie Nelson if he or she wanted to.

(This example only works if you have no business or personal relationship with Willie Nelson. I apologize if the example is confusing because you are his brother.)

Answer 4

It happens everyday. When you purchase a life insurance policy you are purchasing a policy that will monetarily benefit the named beneficiary.

The beneficiary can be anybody you choose a spouse, children, siblings, parents, even a business partner.