Who Can I Buy Life Insurance For?

Shawn Plummer

CEO, The Annuity Expert

General Rule For Who You Can Buy Life Insurance For

You can purchase life insurance for yourself or another individual if you have their consent and demonstrate an insurable interest.

Specific Cases

  1. Adult Child
    • Consent: Required.
    • Insurable Interest: Financial dependence or responsibilities.
  2. Business Partner
    • Consent: Mandatory.
    • Insurable Interest: Shared business interests and financial liabilities.
  3. Child
    • Consent: Not required for minors.
    • Insurable Interest: Parental responsibility and future security.
  4. Former Spouse or Life Partner
    • Consent: Required.
    • Insurable Interest: Continuing financial commitments, alimony, or child support.
  5. Grandparent
    • Consent: Necessary.
    • Insurable Interest: Emotional and financial ties.
  6. Minor Child (Under Age 18)
    • Consent: Not required; parent or guardian acts.
    • Insurable Interest: Child’s welfare and future financial needs.
  7. Parent
  8. Sibling
    • Consent: Required.
    • Insurable Interest: Financial dependency or shared financial responsibilities.

Life Insurance Eligibility

RelationshipConsent NeededInsurable Interest Example
Adult ChildYesFinancial Responsibilities
Business PartnerYesBusiness Liabilities
ChildNo (for minors)Future Security
Former Spouse/PartnerYesFinancial Commitments
GrandparentYesEmotional Ties
Minor ChildNoWelfare
ParentYesFuneral Expenses
SiblingYesFinancial Dependency


Purchasing life insurance for someone else requires consent and proof of insurable interest. Understanding these requirements ensures a smooth process in securing a policy for loved ones or business associates. Contact us today for a free quote.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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