In Louisiana, any individual procuring life insurance may name any person as the beneficiary.
No person can procure a life insurance contract upon the life of another person, unless payable to the individual insured or his personal representatives, or to a person with an insurable interest in the individual insured at the time the contract was made. Insurable interest includes only
- In the case of individual related closely by blood or by law, a substantial interest engendered by love and affection.
- In the case of other persons, a lawful and substantial economic interest in having the life, health or bodily safety of the individual insured continue.
- Certain business relationships gives rise to an insurable interest.
A spouse may effectuate life insurance upon the other spouse without his/her consent.
Any person having an insurable interest in the life of a minor, or any person upon whom a minor is dependent for support and maintenance, may effectuate insurance upon the life of the minor.
