In this video, we'll go over Can you buy Life Insurance on someone without them knowing it?
Can you buy life insurnce on someone without their knowledge?
Can you buy life insurance on a stranger? Can you take out life insurance on random people? Can I take out a life insurance policy on someone else? Can I take out a life insurance policy on my mother without her knowing? What proof do you need for life insurance?

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This channel was created to provide viewers with content that will help them better understand life insurance. As a licensed Life Insurance Agent, I will go over the most important and essential facts and topics in these videos.

Hello my fellow insurables I'm Kelli
Arrowsmith a licensed life insurance
agent with Arrow Final Expense and today
we're going to go over can you buy Life
Insurance on someone without them
knowing about it and be sure to stick
with me till the end when you'll know
exactly who you can and cannot buy a
life insurance policy on if you're new
to my channel you'll get the best tips
facts and honest information about life
insurance please subscribe
so in certain circumstances you can buy
Life Insurance on someone else
life insurance is usually bought to
protect your dependents or beneficiaries
from financial hardship if you were to
pass away and to purchase life insurance
on someone else you'll need not only
their permission but also proof that
their death would cause you a financial
hardship just what insurance companies refer to
as insurable interest
in other words how is there a
relationship between you and the insured
is it a partner a parent another relative or
even perhaps a business partner now in
some instances it may be hard to prove
insurable interest in which case you
would have to show documentation such as
business partners life partners and
non-legally binding relationships
when checking medical history and
interviewing the insured it's usually
very easy to prove most family
relationships now even though the
underwriting process May differ from one
insurance company to another there are
several steps that each life insurance
company is going to take so naturally
you'll need to apply and this usually
will include personal questions such as
the person's height their weight
personal habits as well as their
personal medical history you will also
be required to provide personal
sensitive information such as the other
person's date of birth their social
security number a driver's license
number and other specific information
and whether or not the other person is
required to undergo a medical exam as
part of the application process they
will be asked for their signature and
their consent now if the insurance
company does suspect fraud then the
claim will not be paid instead it will
be referred to a special Department that
deals with fraud they will compare the
applicant signatures to other known
signatures interview family members and
even perhaps involve a private
investigator and if it is discovered
that the policy was obtained without
consent or signature of the insured then
law enforcement and the courts can
become involved insurance fraud can be
punishable by not only fines but also
imprisonment now of course purchasing
life insurance on someone else can be a
wise financial decision however it can't
take out a policy on a stranger an
ailing public figure or someone you know
that has a high risk job but you really
have no association with now some of the
main reasons you may take a life
insurance policy out on someone else is
that you and another person are raising
a child and have assets such as a home
life insurance can compensate for any
lost income whereas on the other hand
you and a business partner or your key
employee can have life insurance to
preserve the business itself if one of
you were to pass away so while getting
life insurance on someone else without
their knowledge is not exactly
impossible insurance companies do make
it very difficult which is why they require so much
specific information identification and of course the other
person's consent if you had the bright
idea of getting a policy on someone else
or a stranger you're sadly mistaken
insurance companies make it difficult to
commit insurance fraud by utilizing
technology and having safeguards in
place so if you have any questions about
today's video or you have a specific
topic you want me to go over please let
me know down in the comments and if you
want to continue to get the best tips
knowledge and honest information about
life insurance please like And subscribe
and I'll see you guys next time

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