Can I Take Out Life Insurance On A Relative? 
You can take out life insurance on a relative with whom you have an insurable interest in their life . This means that there would be a financial loss to you if this relative passed . E.g. . If you live with one of your adult children and share expenses with them , you would have an insurable interest in your child . The other part to taking out a life insurance policy on a relative or any other person , is that they must sign the application , thus giving you permission to take out life insurance on them . If there is an exam or phone interview required , they must agree to doing those things , as well . 