How To Buy Life Insurance For Someone Else May 2026

Parents often buy policies for children to lock in low rates or protect their future insurability.

If you will be responsible for their final funeral expenses or are cosigned on their debts. how to buy life insurance for someone else

To legally buy a policy on another person, insurance companies require you to fulfill two conditions: Parents often buy policies for children to lock

Sharing debts, mortgages, and household expenses naturally creates a financial link. how to buy life insurance for someone else

You must prove that you would suffer a direct financial loss or severe hardship if that person passes away.

Because of the "insurable interest" rule, you can typically only buy life insurance for: