Life Insurance Can I take out a life insurance policy on my spouse? By Penny Gusner Penny Gusner Penny is an expert on insurance procedures, rates, policies and claims. She has extensive knowledge of all major insurance lines -- auto, homeowners, life and health insurance. She has been answering consumers’ questions as an analyst for more than 15 years and has been featured in numerous major media outlets, including the Washington Post and Kiplinger’s. | Updated on April 26, 2023 Why you should trust Insure.com Quality Verified At Insure.com, we are committed to providing honest and reliable information so that you can make the best financial decisions for you and your family. All of our content is written and reviewed by industry professionals and insurance experts. We maintain strict editorial independence from insurance companies to maintain editorial integrity, so our recommendations are unbiased and are based on a comprehensive list of criteria. Yes, you can take out a policy on a spouse because you have insurable interest on their life. However, you’ll need to get your spouse’s permission in order to take out the policy. They’ll also have to sign the final policy documents. If you sign the policy documents for your spouse, this is considered life insurance fraud and can have serious consequences. Life insurance fraud can be considered a criminal offense. How to take out a life insurance policy on your spouse To take out a policy on a spouse, you’ll go through the same steps as you would if you were taking out the policy on yourself. You’ll want to compare life insurance quotes from at least three insurers to see which insurer offers the most reasonable price based on your spouse’s unique profile. How taking out a life insurance policy on your spouse works You can be the policy owner — meaning you’re responsible for the payments and can make changes to the policy — and you can list yourself as the beneficiary. A life insurance agent can help walk you through the process. Here’s more about life insurance policy roles. Penny GusnerContributor . .Penny is an expert on insurance procedures, rates, policies and claims. She has extensive knowledge of all major insurance lines -- auto, homeowners, life and health insurance. She has been answering consumers’ questions as an analyst for more than 15 years and has been featured in numerous major media outlets, including the Washington Post and Kiplinger’s. Related Articles What happens to the cash value of my whole life insurance policy when I die? By Nupur Gambhir What is guaranteed cash value in a life insurance policy? By Laine Adley Can I withdraw money from my term life insurance? By Nupur Gambhir Do life insurance policies pay out if a person dies of old age? By Les Masterson Can you cash in a paid up life insurance policy? By Les Masterson How to forfeit life insurance proceeds? By Susan Manning