Many people today are wondering if you can get life insurance on anyone. In other words, can you purchase a cheap life insurance for someone else like a parent, sibling or child? You may even consider purchasing a no exam life insurance policy for a friend or wondering about cheap life insurance for seniors without an exam. But can you purchase a life insurance policy if you’re not the one covered? The quick answer is, yes, you can purchase a life insurance policy on someone else. However, there are some stipulations that are in place when purchasing a policy for someone else.
The most obvious stipulation is that the person you choose to purchase the policy for has to be aware that you’re going to purchase the term, whole or universal life insurance policy. Whether you purchase this policy for a family member or a close friend, they have to know that you’re purchasing the life insurance policy for them. They will have to answer some questions. Many time these questions can be answered over the phone. This is true even if you’re looking for a no exam, no questions ask life insurance policy.
The next thing to remember is that you probably won’t be able to get a no exam life insurance policy for this person. There’s a good chance they’ll have to visit a doctor or have a nurse visit them to draw blood and urine. There may be other health insurance questions that the person you’re getting life insurance for will have to answer. This is especially true if you’re looking to purchase a traditional 10 year, 20 year or 30 year term life insurance policy.
Finally it’s important to remember when you’re wondering about getting cheap life insurance on someone else is you’ll have to think about Financial Consideration. Life insurance companies will want to know what economic loss will happen when the person who is covered passes away. So let’s say you want to buy a life insurance policy for someone else and then name another different person the beneficiary. That’s most likely not going to happen. Most life insurance companies require you to prove economic loss when the person who is covered passes away.
Can you get life insurance on anyone? Maybe. It really depends on who the person is. If you’d like we could answer any other specific life insurance questions you may have over the phone. Otherwise you’re welcome to compare term life insurance rates at the top of this page.