Insurable interest means you rely on the person for financial support of some kind, or you would suffer financially if the person were to die.
For instance, an adult child has an insurable interest in a parent because the child may be the one paying for the parent’s burial and funeral costs.
You may have an insurable interest in your parents, spouse, siblings, children, family member, or business partner, among others.
For example, a senior adult may buy burial insurance for siblings, or an adult child may buy coverage for his or her senior parents.
Learn more about buying burial insurance on someone else.