Can you take out a life insurance policy on someone without their knowledge?
When you're getting life insurance, the person whose life will be insured is required to sign the application and give consent. Forging a signature on an application form is punishable under the law. So the answer is no, you can't get life insurance on someone without telling them, they must consent to it.
How to Buy Life Insurance for Someone Else: Step-by-Step Guide
Can you take out life insurance on strangers?
You can't get a policy for someone without them knowing and you must be able to show insurable interest — proof that you will suffer financially if they die. To purchase a life insurance policy on someone else you must prove financial interest between both parties.
How do you find out if someone has a life insurance policy?
The National Association of Insurance Commissioners (NAIC) offers a free Life Policy Locator tool to help you find out if someone had life insurance. To use the tool, you'll need to provide the following information for the deceased: Social Security Number (SSN)
Is it illegal to take out a life insurance policy on someone else?
Buying life insurance on someone else and naming yourself as the beneficiary might sound like the plot of a film noir mystery. But taking out a policy on another person is completely legal, and sometimes it can make good financial sense.
Can anyone take a life insurance policy out on anyone?
Can you take out life insurance on anyone? To take out a life insurance policy on someone other than yourself, you must have a financial stake in their life. It is impossible to take out a life insurance policy against an ailing public figure or an athlete in a high-risk sport.
