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Can you Buy life insurance for a friend who has borrowed money from you?

Updated: 8/16/2019

Wiki User

∙ 16y ago

Best Answer

One of the criteria for insuring someone, is that an "insurable interest" exist. Since you and your friend have a financial relationship, it would appear [that] you could insure him/her, as long as he/she consents to the insurance.

Wiki User

∙ 16y ago

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Q: Can you Buy life insurance for a friend who has borrowed money from you?

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Related questions

Do you have to pay taxes on money borrowed against paid up life insurance?

Borrowed money is not taxable.

Is money borrowed from life insurance considered income?

No it's not and for that reason it is not taxed either.

What type of insurance can be borrowed against term or whole life?

Whole Life

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how do you get money back from life insurance met

What types of insurance does Virgin Money offer?

Virgin Money offers life insurance, car insurance, home insurance, pet insurance, and travel insurance.

What is problem of Insurance in Bangladesh?

What insurance? Life or Properties! Life insurance is a problem for poor countries. When one have no food or money, will he go for insurance?

Can you get money from your life insurance policy?

You can get money from life insurance in the form of maturity benefit and death benefit (the later being paid to the nominee).

Can you borrow money from group life insurance?

No. Group life does not belong to you.

Can a trustee in an irrevocable life insurance trust borrow money from a life insurance?

No to avoid estate tax penalty

Meaning of life insurance?

the meaning of life insurance is giving a husband or wife a chance to murder the other for the money

How does one get a free life insurance?

You can get free life insurance from the company MassMutual insurance. It is a term life policy so you will have to die before your kids can collect the money.

What are the main differences of term life insurance vs whole life insurance?

A life insurance is only good for life coverage, when you die an amount of money is given. Whole life insurance includes investments you have. Such as stock market.

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