Buying Life Insurance for Family Members
Are you thinking about buying life insurance for a family member who is
uninsured or would you like to help your family member find the right policy for themselves?
Many times a son or daughter or other family member will take the first steps to get their family member
insured. Because the cost of a funeral and other final expenses continues to rise every year, it is important to
make sure your family is insured so you won’t have to bear the financial burden if something happens to them.
Can Anyone Buy A Life Insurance Policy On Someone?
The answer to that is no. Most insurance companies require that the person buying the life insurance policy have
some type of insurable interest on the insured. This means that if there was death, you would suffer a financial
loss or a financial burden.
With life insurance, everyone is considered to have an insurable interest in themselves as well as their spouse and
dependents. You can also have an insurable interest in your parents, siblings, or grandparents, depending on your
situation. A life insurance company will look over the application and determine if there is an insurable
Policy Owner vs Policy Insured
A life insurance application typically asks for several types of information. The life insurance company will
want to know about the person whose life is going to be insured- demographic information such as name, address,
age, and social security number, as well as their health history.
In most cases the policy insured is also the policy owner, but if you purchase a life insurance policy on your
family member, then the policy owner would be you and the policy insured would be your mom, dad, or other family
For instance, if you are buying a life insurance policy for your father and you are going to be responsible for the
premium payments, then you would be the policy owner. You will receive correspondence regarding the policy, and
The Application Process
If you are buying a life insurance policy for a family member, the application will have to be signed by your
family member, and in some cases, they will have to go through a life insurance physical. A licensed agent will be
able to help you decide which company and policy is best for your family member.
Get A Quote Today and Compare Multiple Rates
The first step when shopping for coverage for your family member is to shop around. Whether you need a temporary
policy for a certain number of years or if you want something permanent that will be there for the remainder of
their lifetimes, it is very important to compare quotes from several different companies. This is because rates can
vary by as much as 70% from one company to another so be sure to get a free personal
rate quote today. You can view multiple rates in less than a minute and get closer to peace of mind in
knowing that your family member has has coverage.