Insuring the life of a third party


My son has just acquired a big mortgage on a new house. He doesn’t want to buy the bank’s (expensive) life insurance and is opting not to ensure his life. I think this is risky as he has a wife and two young children. I have shopped around for life insurance for him and have found something much cheaper than that offered by the bank. Can I take out and pay for insurance on his life and make his wife the beneficiary?


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