Can I purchase life insurance for someone else?

Yes, you can purchase life insurance for someone else, provided you have their consent and insurable interest in their life. Insurable interest generally exists between close family members such as spouses, parents, and children, or business partners with financial dependency. Purchasing life insurance for someone else requires you to have their permission, fill out the application form, and provide their personal and medical information. It is important to note that the insured person will need to undergo the underwriting process, including a medical examination, if necessary. Additionally, you will be the policyowner and responsible for paying the premiums. Buying life insurance for another person can help protect their loved ones financially in case of unexpected death and ensure their future well-being.