Monday, August 24, 2009

Can someone take out a life insurance policy on someone they are not related, or distantly related too?

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Can someone take out a life insurance policy on someone they are not related, or distantly related too?

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  • In most states you have to have an "insurable interest" in a person to take out a life insurance policy on them.

    That includes one's immediate family and their spouse.

    It also includes business partners. 2 people who are partners in a business can take out life insurance policies on each other. If either one of them were to die, it would have dire consequences for the business. Or, it can be taken out by the incorporated business itself, as corporations are "persons" for some legal purposes.

    Or, if a particular person is important to your business, that business has an insurable interest. A TV or radio station can take out a life insurance policy on an important personality (talk show, news, game show) in their programming. A movie studio or producer can take out a life insurance policy on the actor/actress starring in a multi-million dollar movie under production. Any corporation can take out life insurance on one of its executives.

    You cannot take out life insurance on your neighbor, or your grocer, or your 3rd cousin, or your fishing-buddy's baby, or Brooke Shields, or any other random person.

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