Who Can I Buy Life Insurance On? 
To purchase a life insurance policy on someone , you must have what is deemed to be an insurable interest . This means that you would incur a financial loss or harm if the insured was to pass away prior to you . This could include purchasing coverage on your spouse , children -LRB- though normally at a reduced amount of coverage , though it does come at a very low cost -RRB- , your parents , and , in some circumstances , a key person in a company which you may own or operate . 