Life Insurance for Siblings (Discounts & Rates)
If you are trying to buy life insurance for siblings, you will need your brother's or your sister's consent. Insurance companies will also ensure that you have an insurable interest in your sibling, meaning that you would suffer financial or emotional hardship from the loss of your family member. Shop around and compare term life and whole life insurance for siblings to find the right policy for your family.
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UPDATED: May 19, 2021
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- You must have your brother’s or sister’s consent to take out a life insurance policy for siblings
- You must have an insurable interest in your sibling’s life to purchase a life insurance policy on them
- You have options for coverage to take out on your sibling
Can you buy life insurance for someone else? If so, can you buy life insurance for siblings? Yes, you can.
Keep reading to find out how to buy life insurance for siblings, the consent you need, and the types of life insurance policies that can be purchased for a sibling.
Start shopping for affordable life insurance for siblings now. Type your ZIP code into our free tool above and compare cheap life insurance rates for siblings from companies in your area.
Can I get life insurance for my siblings?
The answer to “Can you take out a life insurance policy on other people” is primarily dependent upon the situation and closeness with the individual.
In short, you can get life insurance for your sister or your brother. However, you must have the individual’s consent. This holds equally true for taking out a policy on any family member.
In order to get life insurance for siblings, you have to have an insurable interest in your sibling’s life. An insurable interest is the level of financial and emotional hardship an individual will suffer from the loss of a particular loved one.
In summary, if you have an insurable interest as well as your loved one’s consent, you should be able to buy life insurance for siblings easily.
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What types of policies can I take out on my sibling?
The best insurance companies hold one thing in common: none of their coverage selections are exactly the same.
However, the majority of them offer term life insurance. This form expires after a set term (i.e. 30 years). This is seen as the most affordable form of coverage because it provides solely death protection.
The other most common form is whole life insurance. This is a basic form of permanent life insurance coverage that provides protection throughout the insured’s entire lifespan. Furthermore, the insurance company cannot cancel the policy.
How much will whole life insurance cost you? Take a look at this sample of State Farm whole life monthly insurance rates by age, gender, and policy value.
|Age||$100,000 Policy Average Monthly Rates (Female)||$100,000 Policy Average Monthly Rates (Male)||$250,000 Policy Average Monthly Rates (Female)||$250,000 Policy Average Monthly Rates (Male)||$500,000 Policy Average Monthly Rates (Female)||$500,000 Policy Average Monthly Rates (Male)|
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As you can see, whole life rates rise in conjunction with increased age and policy value. Just keep in mind that, according to the New York State Department of Financial Services, whole life is more complex and expensive than term life.
If you don’t want anything complex, you can consider simplified issue policies. A positive for these is the fact that no medical exam is required. This makes it quite easy to obtain the policy.
Finally, there is guaranteed acceptance whole life. This policy never expires and also does not require a medical exam to qualify.
In short, you have options. It’s just all up to how long you want the policy to last and how much you want the payout to be.
Life Insurance for Siblings: Conclusion
In review, you have choices when it comes to desired coverage. It’s all just up to what you need.
As long as you can prove to the insurance company that you have an insurable interest as well as your sibling’s consent, you should be just fine.
Start shopping for coverage now. Type your ZIP code into our free and helpful tool below to compare free quotes for life insurance for siblings from companies in your area.