Yes, you can buy life insurance on your sibling.
A brother and sister have insurable interest in each other because of blood or marriage.
Therefore, siblings can buy life insurance on each other...
A will does not normally change a life insurance policy. The policy is a contract between the insured to pay a beneficiary. If the policy leaves the money to the estate, the will then controls the...
They are usually not subject to Income Taxes, but may be subject to Estate Taxes. It would be VERY unusual for income taxes to be due. Federal estate taxes are not an issue if you are of modest...