For Consumers

Who can take out a life insurance policy?

There are certain rules and requirements people must follow to take out a life insurance policy for themselves or their children.

Can anyone take out a policy on me?

No one else can take out a policy on you, unless you give them permission. The only exception is if you're married. Your spouse may insure you. 

If you divorce or end a domestic partnership, your ex-spouse or partner cannot be your beneficiary unless:

  • A court mandates it.
  • You fill out a new beneficiary designation form listing them as your beneficiary.

Can my employer take out a life insurance policy on me?

Yes, but only if you give your employer written permission.

If your employer wants you to name them as the beneficiary of your life insurance policy, they must give the insurance company evidence that the business has an insurable interest in your life. They must also show you're essential to the business.