I would like to know if I can take out a life insurance policy on my Uncle to cover the cost of his funeral.
Yes, you may be able to buy funeral insurance on your uncle.
In order to buy life insurance on someone else there must exist "Insurable Interest" between the buyer of the life insurance policy and the insured person.
There does exist insurable interest between spouse's, parents and children, siblings, and family members. Also, there exists insurable interest between a person who provides financial support for another person and that person they are supporting.
You may need your uncle's permission and cooperation in order to buy the funeral insurance policy.
He would have to be aware of the policy and sign as the insured person on the life insurance policy. He may also need to answer some health questions.
Here's how you may purchase up to $30,000 of simplified life insurance from Globe Life Insurance with no medical exam required. The proceeds can help you pay for the funeral expenses for your uncle.
Insurance without any Medical Exam,
Just a Few Health Questions.
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