: To fund a "buy-sell agreement" or protect the company from the loss of a key executive ("Key Person Insurance").
Yes, you can legally buy life insurance on someone else, but only if you meet two specific legal requirements: and consent . Key Requirements can you buy life insurance on someone else
Are you looking to insure a or a business associate , and do they already know you're considering this? : To fund a "buy-sell agreement" or protect
: It is virtually impossible and often illegal to secretly buy life insurance on another adult. Forging a signature is a criminal act that can invalidate the policy. : It is virtually impossible and often illegal
: The insured person provides health history and may take a medical exam .
: You must prove that you would suffer a legitimate financial loss or hardship if the person died. This prevents people from "gambling" on the lives of strangers.