Can I Take Life Insurance Out On Anyone? 
No , you can not take Life Insurance out on Anyone . There has to be what we call `` insurable interest '' . This means you have something to lose if this person was to pass away . Insurable Interest can be a spouse or child , a business and business partner . A grand parent as well . Even a loan company can have an insurable interest as if you pass before the loan is paid , they can get the remaining balance paid . Talk to an agent or broker about who you are looking at getting coverage on so you can determine if there is an Insurable Interest . 