Would it be illegal to get lots of life insurace policies out on tramps/ heavy drug takers?
You’ve got to consider that life insurance is underwritten according to categorized risk (actuary), and those you’ve described would represent tremendous risk to the insurance company. It may be possible to obtain a guaranteed or simplified issue policy. The other hurdle you need to clear is to show an insurable interest in the insured. This means that the beneficiary must be in a position to suffer a financial loss by the death of the insured. Also, the motive for seeking the coverage would likely be part of this determination. It may be possible to name a relative of the insured as the beneficiary, then change the beneficiary after policy issue. You, as the policy owner can normally do this without any justification. Finally, you must have the insured’s consent on the application. But no, it is not illegal. Addendum regarding SimonC’s answer: Life insurance policies generally do not exclude preexisting medical or health conditions. The policies are either declined or rated with a hig
