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Awesome 10 Can You Own A Life Insurance Policy On Someone Else Images

Awesome 10 Can You Own A Life Insurance Policy On Someone Else
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. Without it you can't set up a policy. Quickly shop for life insurance whether buying life insurance for yourself, or for someone else (keep reading for more info about that), this site does all the shopping around for you.

End of Life Planning: Checklist for Care & Planning Ahead
End of Life Planning: Checklist for Care & Planning Ahead from www.fifthseasonfinancial.com
Is there any way to take out a life insurance policy on her without her knowing? This is in order to prevent life insurance from being used for nefarious purposes, such as taking out a life insurance policy on a stranger without his or her for the purposes of purchasing life insurance, all persons are assumed to have insurable interest in their own lives. If you already know that you're going to be subject to federal estate tax after you die, transferring your life insurance policy over to someone else can allow your beneficiaries to sidestep some of the cost.

It is illegal for insurance companies to sell policies on someone else without the presence of defined insurable interest.

Since you can purchase a life insurance policy on someone else with any carrier, this works in your favor. In that case, the application process becomes a little more complicated. Life insurance is a type of insurance contract. The way around this rule is to get someone who already owns legal life insurance to sell the policy to you.