Can I take out life insurance to insure somebody else?

Considering taking out Life Insurance on someone else

Answer

You can buy insurance for another person 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 Life Insurance policy can only be written on a single or joint life and not on another person. This means the insured life will always be the people taking out the policy. If you need to take Life Insurance on another person, you'll need to arrange through your financial adviser. Find out more about getting financial advice.

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