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Insurable Interest

This is all to do with the fact that you can not insure a stranger in the street.

In order to take out an insurance policy on another person you have to demonstrate insurable interest.

In legal terms this is the principle which insists that no policy will be issued unless the policy owner and beneficiaries would be in a position to suffer a financial loss at the death of the insured.

Examples of this are spouses children even co-directors of a company as they would suffer a financial loss in the event the other was to die, therefore there is an insurable interest.

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