Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Aug 6, 2021

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The Brief

  • You can’t buy life insurance without insurable interest and consent
  • Life insurance is more expensive for seniors and smokers
  • Approved beneficiaries can cover for life insurance payments

Did you know you can buy life insurance for someone else? But there are rules to buying term life insurance for another person. Don’t worry – we’re here to help.

This guide explains how you can get life insurance for someone else and where you can find the best life insurance rates for someone else.

After you learn all the essentials to buying life insurance for someone else, enter your ZIP code in the free online quote tool above to compare multiple companies.

Can you buy life insurance for someone else?

The short answer is yes. But the life insurance company requires two things before you can do that: insurable interest and consent.

Insurable interest in life insurance says that you would be financially affected if the insured person passed away.

For example, a wife that depends on her partner’s income would be financially affected by their spouse’s death. Therefore, she can take out a life insurance policy to protect the family’s assets.

Can you buy life insurance for someone who is dying?

Yes, you can. However, life insurance companies are hesitant about issuing standard life insurance policies to terminally ill individuals.

It’s in your best interest to invest in final expense or burial insurance to avoid costly funeral expenses.

Can you buy life insurance for someone else without them knowing?

You’ll also need consent. No one can get life insurance for someone else without them knowing. And no life insurance company will allow you to buy life insurance without permission.

But you can get life insurance for children and people with disabilities. However, your life insurance company may request a medical exam.

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Can you buy life insurance for your parents?

The answer is also yes. If you’re looking for a standard life insurance policy, be prepared to get a medical exam.

Or you can get a guaranteed issue life insurance policy. Guaranteed issue life insurance (sometimes called no medical exam life insurance) is more expensive, but you won’t have to get a medical exam for your parents.

Also, guaranteed issue life insurance carries lower death benefits. Weigh out your options to see which coverage is best for your parents.

Can you buy life insurance on a parent without their consent?

It depends. You’ll need to prove that your parent has struggled mentally with significant decisions. Also, you’ll have to prove that you have power of attorney (POA) over the parent.

Can someone else pay my life insurance premiums?

Yes, they can. Once the life insurance policy begins, you’ll need to set up payments. Most life insurance companies ask for an electronic check, which is debited each month automatically.

But each company is different. Some may allow manual payments using your credit or debit card.

How much are life insurance rates for someone else?

Life insurance costs depend on who needs the policy. The average cost of life insurance at the best insurance companies is between $9 and $11 a month.

Several factors determine whether affordable life insurance for someone else is available. Here’s a list of factors that can determine life insurance quotes for someone else.

  • Age
  • Gender
  • Health
  • Policy Type
  • Policy Limit (Death Benefits)

Term life insurance is much cheaper. Permanent life insurance, such as whole life insurance, is more expensive. However, permanent life insurance has investment perks.

Why should I buy life insurance for someone else?

If the person who needs life insurance is mentally or physically disabled, you should consider purchasing life insurance for them.

Anyone who receives alimony and child support can also request a life insurance policy from the payee (person who pays spousal support and child support).

According to the Gregory S. Forman Law Firm, a family court can order a former spouse to get life insurance as reassurance that recipients of monthly payments are compensated if the former spouse passes away.

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When should I buy life insurance for someone else?

The sooner you buy life insurance, the better. Life insurance is designed to protect beneficiaries financially. And that could be a family member, a friend, and even a business partner.

Sometimes it’s necessary to get life insurance on a co-signer. If you’re getting life insurance for a parent with compromised health, you should start shopping for life insurance as soon as you can.

Buying Life Insurance for Someone Else: The Bottom Line

Although you may have good intentions for purchasing life insurance for someone you care about, life insurance companies need insurable interest and consent from the person getting insured.

Now that you know more about buying life insurance for someone else, enter your ZIP code below to use our free comparison tool below to compare multiple companies in your area.