Life Insurance for Siblings
You can buy life insurance for siblings as long as you have their consent and proof of insurable interest. Insurable interest means you’ll experience a financial burden if your sibling passes away. Life insurance costs $26 per month on average. However, the cost of buying your sister or brother insurance might vary depending on the level of coverage you need and their medical record, age, gender, and lifestyle choices.
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UPDATED: May 2, 2021
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- To buy life insurance for siblings, you need their consent and proof of insurable interest
- Insurable interest means you’d experience a financial burden if your sibling passes away
- The best life insurance policy for your family depends on their age, gender, medical history, and lifestyle choices
You can buy life insurance for siblings from all the best insurance companies with their consent and proof of insurable interest.
Below, learn more about the steps you need to take before you buy your sister or brother insurance.
When you’re ready, compare life insurance rates for siblings for free by entering your ZIP code into our quote tool above.
How much does life insurance cost for siblings?
On average, people pay $26 per month for life insurance. However, life insurance quotes for siblings vary based on their age, gender, medical record, and lifestyle choices.
Below, compare example rates for siblings with different term lengths for a policy with a $100,000 death benefit by gender and age.
|Age||Female Average Monthly Rates (10-Year Term)||Male Average Monthly Rates (10-Year Term)||Female Average Monthly Rates (20-Year Term)||Male Average Monthly Rates (20-Year Term)||Female Average Monthly Rates (30-Year Term)||Male Average Monthly Rates (30-Year Term)|
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As you can see, securing affordable life insurance for siblings is a possibility. However, brothers cost more to insure than sisters.
Compare life insurance quotes from multiple companies online to find the best provider for your family.
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How do you buy life insurance for a sibling?
Many people wonder, can you take out a life insurance policy on another person, like a sibling?
The answer is yes, as long as you have their consent and can prove insurable interest.
Insurable interest means you’d experience a financial burden if the person passes away.
For brothers and sisters, this includes people who cosign a loan, go into business together, or are legal guardians of their younger sibling.
Some companies allow you to take out a policy on any blood relative with their consent.
According to the U.S. Department of Health and Human Services, consent means your sibling signs a written form expressing permission for the underwriter to access their medical record.
You also need them to help answer all questions on the application accurately and take a medical examination if required.
What type of life insurance policy should you buy for siblings?
You can secure a traditionally underwritten life insurance policy for your sibling if they’re in good health and are not older than 75.
Term life insurance comes in 10, 15, 20, or 30-year increments and is often inexpensive, especially for younger people.
However, at the time of renewal, an underwriter revaluates the rates to reflect changes in age and health.
Whole life insurance is more expensive but doesn’t expire as long as someone pays the premiums. Again, age restrictions apply at the discretion of the provider.
Simplified issue life insurance does not require a medical exam, only a questionnaire.
For senior siblings, burial or final expense insurance assists with funeral costs and end-of-life expenses.
Those who shave pre-existing conditions should consider guaranteed issue life insurance. However, this is the most expensive option.
Life Insurance for Siblings: The Bottom Line
For some people, it makes sense to take out a life insurance policy on a sibling.
With their consent and proof of insurable interest, you’ll quickly secure a life insurance policy for a brother or sister.
Enter your ZIP code into our free quote tool below to find the best life insurance company for siblings in your area right now.