Can I take out a life insurance policy on someone else?

Question

My sister and I would like to take out some sort of life insurance for my mom since my mom does not have any savings/401k nor does she have any life insurance. We just want to be prepared for when she dies so that there won't be such a financial burden on the family. So, can we take out a life insurance policy on her? And do we have to have her consent to get her covered because she is very resistant to talking about dying and such?

Answer 1

Yes, you can, with their permission, consent, and cooperation.  She'll also have to submit to blood work, and fill out a medical history, for rate determination.

So you can't bypass her!

Answer 2

yes of course it's your money and your mom

Answer 3

As long as there is an insurable interest, you may do so.

Answer 4

You can, but she would have to apply for it. You can arrange for you or your sister to be billed for it.

Answer 5

Yes, but you must have her consent and she will have to complete an insurance medical exam.

Answer 6

Yes you can take out a policy on somebody else. Business owners do it all the time.  However you must have her consent. She has to sign the app. She would be listed as the insured and you and your sister would be listed as the payor.  Her age would depend on the type of policy she can get. Talk to her about the policy covering funeral cost's as well as the cash value that can build up in the policy

Answer 7

as long as you have their information (birthdate, social security number, etc) and money.

Answer 8

You and your sister can take the policy out on her and be the owners of the policy.  That means that you make all the decisions regarding the policy.  

If you get a medically underwritten policy you will obviously have to get her to participate in the medical exam.  

If you get a simplified issue or no exam policy you will have to get her to sign the application and go through any identity auditing process that the company has.  

You shouldn't have any problem showing insurable interest, but she is going to have to participate no matter what you do.