Can You Take Out Life Insurance On Anyone? 
As I am sure you have found out , insurable interest is the key principle here . But insurable interest ranges far and wide . Let me share with you some of the more interesting cases I have come across . For sure , spouses can take out a policy on one another . They are codependent . I have also seen married men and women take out policies on their lovers . They called that person a domestic partner . This was in addition to having a policy on their marital partner ! Policies on kids are common . Its tough to think about kids dying , but generations ago it was commonplace to buy a burial policy on a new child . But there is another reason to do so : get a policy on a child so that he or she grows into adulthood already covered . What if unfortunately he has a tough time getting coverage later on , due to a medical condition or other higher risk factor ? Maybe he becomes a mountain climber , or a scuba diver , or has a job which requires travel to Third World countries . He will be really glad you had the foresight to get him a life policy when you did . I have seen children take out policies on parents . One client dedicated herself to making sure her retired mother lived in style . She bought her a house , paid her monthly expenses , treated her to a new car , and really paid her back for all that generosity Mom had shown her growing up . Of course , the daughter sacrificed her own retirement money to do so . So I was able to get her life policy on mom to reimburse her . Then you have policies taken out by businesses on partners and key people . Plus you have charities insuring donors to make sure those contributions keep on coming . 