Can someone describe the process of taking out a life insurance policy on an unrelated person?

You have to have that "someone" sign off permission for you to get life insurance on them, they have to submit to a paramedical exam, and release their medical records to the insurance company, and give a statement to the underwriter explaining how you have an insurable interest in their life.

You can't do it without their permission, consent, and cooperation.

The premium is dependent on their age, their health, where they live, what kind of policy you buy, and how much coverage you want. A "reasonable" guess is somewhere between $15 and $1,000 a month - completely meaningless.

1. You will need to show that you have an insurable interest in the person. This means that if this person passes you will suffer some sort of economic problems. Direct family members usually do not have to prove this additional requirement; it is implied.

2. The person will need to take a physical and agree to be the covered person on the policy.

3. The premium will be based on the term of the policy and the age of the covered person. Example: A 20 year old on a year-to-year premium would be $150 per year (until they hit 24 or so, then the premium goes up). There are way too many variables to guess at what the actual premium would be. To get close to the premium, go to an online quoting company and put the covered person's information into the calculator.

Talk with the agent that you currently get your personal insurance (home, auto) through and they will walk you through the necessary steps/applications.

Good luck.

Price is based on the details of the life being insured, more expensive as the person gets older. Without knowing any details about the individual or the coverage being sought, there is no way to provide any estimate at all.

As for coverage, what is the situation? You cannot take out life insurance on someone without their knowledge, so I am trying to understand who's life you are trying to insure. The reason, you need to justify the "insurable interest," or why would their death impact the beneficiaries financially. I cannot take out life insurance on you, because there is no reason to do so. Its almost like insuring a house you do not own.

If I understand the question and it is for the price: it will be based on insured person's life expectation.

If it is how your mom can have it: it is based on insurable interest.

Example: she, or he has a contract with your mom; your mom and he or she have business together; he or she supports your family ....etc. The underwriter will ask questions about it.

I suggest that you try this web page where onel can compare rates from different companies: http://coveragedeals.net/index.html?src=5YAofhgdDE...

RE :Can someone describe the process of taking out a life insurance policy on an unrelated person?

My mom asked me this and I've tried to google it and the results weren't really helpful so I was hoping someone on here knew. What she wants to know is what is the process of taking out a life insurance policy on someone unrelated to you? Like what exactly step-by-step do you have to do?

And if you have to pay a premium or something (which you probably do), about how much would that premium be if the person is not family? I'm not expecting an exact amount but like an educated guess.

So basically, just how do you go about doing this?

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Same as someone related to you.