What conditions are needed to establish insurable interest?

What is insurable interest and how does it work?Insurable interest is the expectation of a monetary loss that can be covered by insurance.In a life insurance policy the person must expect a financial loss as a result of the insured person passing away.For example, an insurable interest exists between spouses, siblings, parents and their children, and business partners.An insurable interest must

Life Insurance On Your Brother?

Can you get life insurance on your brother?Yes, you may be able to purchase life insurance on your brother's life.Usually, there needs to exist an "Insurable Interest" in order to buy life insurance on another person's life.Insurable Interest does exist between brothers, or any siblings, as well as, parents and children, and spouses.However, you may need your brother's medical history, signature,

Can I Buy Life Insurance on My Parents?

Are you considering buying a life insurance policy on one or both of your parents?If you're wondering if you can, the answer is "Yes".To buy a life insurance policy on another person there has to exist an "Insurable Interest" between the insured person, and the person buying the policy.Insurable Interest does exist between a parent and child, siblings, and spouses.Therefore, you can buy a life