Q: Is it legal to buy life insurance for more than 10 people that are acquaintances of yours? Assuming I have their consent
Relating to Maryland/Virginia
I have a lot of friends, and they are concerned with today's environment, and most are unable afford life insurance policies. If I were to buy life insurance for them and split profits with their selected beneficiaries, would it be difficult for me to receive a claim due to some law unbeknownst to me?
Is there some sort of law that prevents this or makes me prove I have 'interest' in this type of relationship?
Can anybody just sign up a random stranger in similar fashion or would you need a relationship?
Should I seek an attorney to draft up a simple agreement for this purpose? If so, what type of attorney?
A: An attorney who specializes in insurance law would have a better idea about what you are asking.
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