Can I buy term life insurance on someone else? It depends on your relationship to the person you wish to insure for life insurance. Usually, an insurance company will require you to have an "Insurable Interest" in the other person you want to insure. You must be an adult and have an insurable interest in the person you want to insure. Insurable interest basically means you either rely on the person for some means of financial support, or you would lose financially if the person were to die. You would have an insurable interest in your parents, siblings, spouse, children, and business partners, among others. Learn more about who you can insure for term life insurance.