Can You Take A Life Insurance Policy On Anyone? 
You can not take a life insurance policy on anyone , just those with whom you have a financial interest . This means that if they were to pass away , you would suffer a financial loss , or emotional toll to the point that it has a limited financial value -LRB- as would the death of your child -RRB- . The amount of life insurance you can take out on that person is constrained by that financial interest , and they need to sign the application in order for you to purchase the policy on them . 