Yes, anyone can take out an insurance policy on you with your consent. This is called insurable interest. Insurable interest exists when the person insuring has a financial stake in the life or health of the person being insured. For example, most people have an insurable interest in their own lives and health, so they can purchase life and health insurance policies on themselves. Similarly, business owners have an insurable interest in the lives of their employees because the death or illness of key personnel could have a significant financial impact on the business.