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Posted by marta828 3 years ago In:

marta828
marta828 Asked:

I am cosigning a loan for a family member. Can I ...

I am cosigning a loan for a family member.  Can I get a life insurance policy on him so that I will not be stuck with the loan should he be in an accident and die?

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mayhaven
mayhaven Answered:

Not without his consent.

"Be strong in nature; Gentle in deed."
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gary999
gary999 Answered:

While I agree with May, the insurance should be a condition of the loan assuming there is no other collateral. One additional suggestion, work out an arrangement where you make the life insurance payment and get reimbursed from your family member. Also, put the terms in writing, it doesn't have to be fancy, handwritten with the amount, interest, repayment arrangement and life insurance agreement signed and witnessed by both parties (notarized is better).

"I've heard you're a low down yankee liar!"
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