Who Can I Take A Life Insurance Policy Out On? 
You can take out a life insurance policy on anyone for whom you have an insurable interest . An insurable interest would mean that you would be at a financial loss if the individual were do die . If you can not prove that you have an insurable interest at time of the application , the life insurance company will not issue the policy -LRB- at least not with you as the beneficiary -RRB- . Insurable interest is only required at issue I -LRB- i.e. you can become the beneficiary of a policy after it is issued even if you do not have an insurable interest -RRB- . 