Life Insurance for Siblings
If you have a brother or sister and you want to get life insurance for your sibling, you can. However, you need to show an insurable interest to the insurance company before they will sign off on any policy. Read more to find out how you can get the best life insurance rates for siblings and other family members.
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UPDATED: Dec 14, 2020
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- It is possible to buy life insurance on your brother, sister, or other family member.
- You will have to demonstrate you have an insurable interest before you can secure life insurance on someone else.
- You’ll need to get consent before taking out a life insurance policy on someone else.
Buying life insurance is typically a straightforward process. However, maybe you are interested in purchasing a life insurance policy for your sibling or another family member.
If you are wondering about life insurance for siblings, you may have also asked yourself, is there such a thing as family life insurance? What are the types of term life insurance?
You may be wondering how to take out a life insurance policy on someone else. It is possible, but you will need to demonstrate to the insurance company you have an interest that requires insurance.
You can get life insurance for siblings. However, it is not as simple as getting a life insurance policy for yourself. Let’s take a closer look.
When you’re ready to start comparing affordable life insurance quotes for siblings in your area, enter your ZIP code above.
How do you take out a life insurance policy on a family member?
You can purchase a life insurance policy on a sibling in certain circumstances, but you cannot buy a life insurance policy on your sibling just because you have one.
The first thing you will need to do to buy life insurance on a sibling is to demonstrate an insurable interest. What is an insurable interest? Life insurance companies define this as a financial loss due to the untimely passing of the person you are trying to insure.
If you are financially dependent on your sibling, you shouldn’t have too hard of a time showing an insurable interest to the insurance company and therefore, life insurance for your siblings should not be hard to find.
If you receive regular payments and a significant portion of your income from your brother or sister, you will have little trouble getting life insurnace on them.
The next thing you need to ask yourself is how much life insurance do you need to buy?
Can I get a life insurance policy on a sibling if I am not financially dependent on them?
The short answer is yes. There are still situations that may arise where you have an insurable interest even if you are not financially dependent on your sibling.
For example, let’s say your sibling has children, and in the case of your sibling’s death, care of these children will come to you. In this case, despite the fact that you are not financially dependent on your sibling, you still have an insurable interest.
Life insurance is not intended to provide beneficiaries with profit. The intention of life insurance is to avoid or remedy financial loss. If you can demonstrate potential for financial loss in the event of your sibling’s death, you have an insurable interest.
Do I need my sibling’s permission to get life insurance on them?
You need to obtain your sibling’s permission or consent to get a life insurance policy on them. When it comes to more traditional life insurance policies, your sibling will have to complete a medical exam. In these cases, consent is implied by the willingness to do an exam. Consent papers are also signed on the application.
However, if you are trying to get a no medical exam life insurance policy or a final expense policy, the consent process will look a lot different. For one, each life insurance company will have their own processes for verifying consent.
Commonly, they will verify consent over the phone and record it, or they may require your sibling to initially be the owner of the policy. Some insurance companies will require the person you are trying to insure to make the first premium payment.
Every life insurance company treats these situations differently. Depending on what type of policy you want and how much coverage you are looking for, the insurance company will have different consent requirements.
What are the best life insurance policies for siblings?
The best advice you can get is to shop around. Every insurance company is different. Compare quotes from a number of different providers before you make a final choice.
Make sure to check the best life insurers before making a choice. See the table below.
|Companies||Average Monthly Life Insurance Rates||A.M. Best Rating|
|New York Life||$11||A++|
|Mutual of Omaha||$12||A+|
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Life insurance for siblings and other family members is not too hard to come by, but it will be more work than getting a life insurance policy for yourself. Have a conversation with the person you want to insure, and talk about what is best for your family.
Ready to buy life insurance for siblings? When you are ready to start comparing life insurance quotes in your local area, enter your ZIP code below to get the best rates.