Can I purchase life insurance for someone else?

Yes, it is possible to purchase life insurance for someone else, but there are specific requirements and considerations involved. To take out a life insurance policy on another individual, you generally need to demonstrate an insurable interest in that person. Insurable interest means you would suffer financially if that person were to pass away. Common examples include family members, such as spouses or children, as well as business partners or key employees. Moreover, the person for whom the insurance is being purchased typically needs to provide consent. This is because the insurance company will require personal information and, in many cases, a health questionnaire or examination. Without the individual's knowledge and consent, the application may face difficulties. It is advisable to consult with an insurance agent or financial advisor to understand the terms and conditions thoroughly. Additionally, the current web page for LSM Insurance may provide detailed guidance and contact information to help you explore your options further.