Because of the "insurable interest" rule, you can typically only buy life insurance for:
You cannot secretly buy a policy on another person; they must participate in the process. Here is exactly how to do it. 📌 The Two Non-Negotiable Rules how to buy life insurance for someone else
Parents often buy policies for children to lock in low rates or protect their future insurability. Because of the "insurable interest" rule, you can
The person being insured must know about the policy and provide written consent. Trying to buy a policy without their knowledge is considered insurance fraud . 👥 Who You Can Insure Because of the "insurable interest" rule