Can I Take Out Life Insurance On Someone Else? 
Yes , you can take out life insurance on someone else if you have insurable interest in that person . That means that there is a financial tie between you . Either you would be hurt financially if they were to pass away -LRB- because they owed you money , because they help support you , etc -RRB- , or you are helping them financially now and life insurance would pay you back for your financial loss upon their death . 