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Your Guide to Insuring Someone Else's Life

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Buying life insurance on someone else and naming yourself as beneficiary might sound like a plot point in a film noir mystery. But taking out a policy on another person makes good sense in some situations.

Whether you can do it, though, depends on your relationship and having the other person’s consent.

The ground rules

“What the insurance company looks for is what’s known as insurable interest,” says Marvin Feldman, president and CEO of Life Happens, a nonprofit funded by insurance companies and brokerages. “There has to be a true relationship where there’s going to be a loss when the person dies, whether that’s an emotional loss or a financial loss.”

You can buy a life insurance policy on a family member, romantic partner or business...

Continue reading on www.nerdwallet.com

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