Can I Buy Term Life Insurance For Someone Else? 
You can buy term life insurance for someone else if you have a vested financial interest in that person , or -LRB- for a small amount of coverage -RRB- if you are a close relative . To have a financial interest in the insured person means that if they died , you would suffer financial loss . With the exception of minors , you also need to get permission from the person who is being insured . They need to sign the application , and consent to the phone interview or exam if that is required . 