For a life assurance policy to be taken, it is important that there exist an insurable interest. It is for this reason that this are the forms this can be taken.
- You can take an insurance policy on your Own Life.
- An individual can purchase a policy on the Life of Another. Examples under this will be a spouse taking a policy on the life of his/ her life as spouses have insurable interest in the life of each other. A creditor can take on the life of Debtor
- By purchasing a Joint Life Policies.
- Policies take in Trust.
- Through Assignment.
