Can I take out life insurance on my brother or sister?

Considering taking out Life Insurance on a sibling

Answer

You can buy insurance for siblings as long as you are eligible to take a policy and there would be some financial loss if they died. This is called insurable interest. For example, it might be they owe you a sum of money which wouldn't be repaid if they died.

Our LV= Life Insurance policy cannot be set up this way.

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