Can I Take Out Life Insurance On My Grandparents? 
Yes . You can buy life insurance on your grandparents when several factors are met : 1 -RRB- They agree to allow you to take out a life insurance policy on their life 2 -RRB- There is an insurable interest for the coverage - -LRB- pretty straightforward for family members -RRB- 3 -RRB- The policy being applied for is suitable to the need - there are limits to how much coverage can be taken out a person -LRB- generally 20-30x income - exact maximum coverage allowance varies by carrier and by need -RRB- . 