Can you buy life insurance for someone else?

You can buy life insurance for someone else with the approval of the person who needs coverage. Getting life insurance for a terminally ill parent costs about $100 more than average. However, life insurance rates for someone else are based on age, health, and death benefits. Compare and shop around to find the best rates before buying life insurance for someone else.

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Natasha McLachlan is a writer who currently lives in Southern California. She is an alumna of California College of the Arts, where she obtained her B.A. in Writing and Literature. Her current work revolves around insurance guides and informational articles. She truly enjoys helping others learn more about everyday, practical matters through her work.

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent

UPDATED: Jul 16, 2021

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The Rundown

  • You need consent from the person you want to insure to buy life insurance for someone else
  • Terminally ill policyholders pay more for life insurance
  • Group life insurance is an easier method to insure a spouse and children

Many of our readers have asked: Can you buy life insurance for someone else? The answer is yes.

Our guide has everything you need to know about buying affordable life insurance for someone else, including rates and comparisons.

Read on to learn how you can buy life insurance for someone else, such as a loved one or a business partner. Enter your ZIP code in the free comparison above to shop at the best insurance companies in your local area.

Can you buy life insurance for someone else?

The short answer is yes. However, you must have the consent of the person who will be covered. In addition to approval, you’ll need to have the personal information of the person who is getting the life insurance coverage.

Getting a life insurance policy for someone else is no different than getting life insurance for yourself. Check out this list to learn how to buy life insurance for someone else:

  1. Determine Insurable Interest – The life insurance company wants to know how this person’s absence could affect you or a business
  2. Report Medical and Mental Conditions – Some life insurance companies will ask you to get a medical exam to determine life expectancy and overall health
  3. Review the Life Insurance Policy – Double-check the life insurance policy to see if you have what you need
  4. Buy the Life Insurance Policy – If you’re satisfied with the life insurance company’s offer, purchase the policy

It may take a little bit longer to approve life insurance for someone else because the life insurance company will want to ensure nothing fraudulent is occurring.

Why should I buy life insurance for someone else?

It would be best to buy life insurance for someone else to cover the cost of funeral expenses or other debts left behind by the insured. This will relieve any financial burden that may otherwise fall on you if that person were to pass.

When should I buy life insurance for someone else?

Getting coverage sooner rather than later is your best option. You don’t want to be in a position where you have to rush. It’s better to be in a situation where you don’t feel forced to do something because of time or money restraint.

Can you buy life insurance for someone who is dying?

Yes, you can. However, some life insurance companies won’t provide a policy if you’re terminally ill or have a chronic illness.

According to Orlando Health, 50% of adults in the United States have at least one chronic illness. If you run into this issue, you’ll need to find a life insurance company specializing in terminally ill and chronically ill policyholders. Specialty life insurance policies are usually more expensive than standard life insurance.

Can someone else pay my life insurance premiums?

Yes. Life insurance companies are concerned about customers making monthly payments, but they won’t have any major concerns if someone else made payments.

Can you buy life insurance for your parents?

The answer is yes. When push comes to shove, you may have to purchase a life insurance policy for your parents. However, you still need their consent.

Talk to your parents about getting life insurance and see if you can arrange a way to get them insured before the unexpected happens.

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How much are life insurance rates on average?

Life insurance rates are determined by age, gender, death benefits (coverage limit), health record, and policy type.

The average term life insurance rates are about $9 per month, but life insurance for the terminally ill costs more.

Let’s look at the average monthly rates for terminally ill policyholders:

Average Monthly Guaranteed Issue Life Insurance Rates by Age, Gender, and $25K Coverage Limit
Age at PurchaseAverage Monthly Life Insurance Rates (Female)Average Monthly Life Insurance Rates (Male)
40$96.67$119.58
50$84.79$108.85
60$126.27$158.35
70$187.46$246.58
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Guaranteed issue life insurance and no medical exam life insurance is more expensive than the standard life insurance policy.

How do I get life insurance for a spouse, child, or business partner?

Individual and group life insurance policies have ways you include a spouse, a child, or even a business partner in life insurance policies. Continue reading to learn more.

Life Insurance for a Spouse

Group life insurance makes it easy. You can add a spouse to your life insurance policy as a beneficiary and get coverage at the same time. Individual policies also have riders, which can cover a spouse and the policyholder. And you won’t need an additional policy.

Life Insurance for a Child

You can insure children through life insurance riders if you have an individual life insurance policy. Group life insurance may not have any extra riders, but you can add a child to the policy at an additional rate.

Life insurance for Business Partner

A business partner will need something called key person insurance. The business partner would name themselves as the beneficiary and receive the death benefit if the business partner (key person) passes away.

Buying Life Insurance for Someone Else: What’s the bottom line?

You can buy life insurance for someone else without any problems if you have the consent of the person you want to insure.

Life insurance companies are concerned with the overall health of the policyholder, so they’ll ask questions before they issue a policy.

Now that you know how to buy life insurance for someone else, you’re ready to compare life insurance companies near you. Use our free online quote tool below to compare multiple companies in your local area.

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