Can You Buy Term Life Insurance For Someone Else? 
That 's a great question ! Back when life insurance became popular , it did n't take long for some people to figure out that they could insure someone without their knowing about it , and then make friendly wagers on the life expectancy of that someone , with the policy benefit as the prize . To prevent that from happening anymore , the insurance industry -LRB- goaded by the gambling authorities -RRB- set into place a rule requiring that there be an `` insurable interest '' in the person you want to insure . So to purchase a policy on someone else , you will need to show that their passing will cost you , financially , or emotionally . They will need to either be immediate family , or someone that by passing causes you to suffer a financial loss that is insurable . You will also need their consent , if they are not a minor , as they will have to be in agreement with the policy terms , and provide signatures , and health information . As long as you can satisfy those requirements , you should be good to go ! Thanks for asking ! 