Can I take out a life insurance policy on my Aunt?

Posted in Life Insurance Questions over 2 years ago, 2 replies

Myself and my 2 children have lived with my Auny for the past 2 years. I have gone to college and am now working part time. My Aunt is 66 years old and doesn't have any major health problems. If she passes away her daughter gets the house and we would have to move. I am still saving up for our own place and basically my Aunt takes care of us. Can I take a life insurance policy out on her?

submitted by Diane in Arizona

Yes, a insurable interest exists between you and your aunt, so yes, you can apply for life insurance coverage. What would happen if you predeceased your aunt, would she continue caring for your children? Perhaps coverage should be considered for you both.

Sincerely,
Henry Cuenca

submitted by Henry in Redding, CA @ September 28, 2009 - 04:19 PM

If your aunt is in good health and is willing to sign the applications and appear for the medical exam, then there is nothing stopping you from taking out a policy in her name. However, in case old age and ill health are factors that are preventing them from being eligible for an affordable policy, there are many insurance companies that specialize in this type of high- risk insurance. Choose a life insurance provider that is well versed with the underwriting process involved in qualifying for such a policy and the resources to find insurance companies dealing with such specialized cases.

Denise at AccuQuote
Disclaimer: I work for AccuQuote and this is my personal opinion.

submitted by Denise in US @ October 28, 2009 - 08:14 AM

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