Who Can Take Out A Life Insurance Policy? 
I agree with Bob and Larry above and to add a little more detail about the age range : A parent can take out a life insurance policy for a child 's benefit , usually when the child is 2 weeks old . The parent does this to provide guaranteed insurability for the child and/or to provide a vehicle to accumulate money for the child . When the child is 18 or older , the parent can change ownership to the child . The maximum age that I have seen to take out a policy is 90 years old . 