Can You Put A Life Insurance Policy On Someone Else? 
You can put a life insurance policy on someone else if you have an insurable interest in that person . That means that , if they passed away , it would hurt you financially . E.g. you could take out life insurance on someone to whom you loaned a large amount of money , so that you would get your money back if that person died . Life insurance companies look at immediate family relationships as an emotional loss when death occurs , which justifies financial remuneration . However , even taking out a life insurance policy on a relative will have some financial considerations in determining how much you can put on them . 