Sterling, VA asked in Insurance Bad Faith, Contracts, Criminal Law and Insurance Defense for Virginia

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?

1 Lawyer Answer
Susan Fremit
Susan Fremit
  • Criminal Law Lawyer
  • Spotsylvania, VA
  • Licensed in Virginia

A: An attorney who specializes in insurance law would have a better idea about what you are asking.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.