If anyone you know would like to take a life insurance policy out on you, the insurance company will first need to verify that you agree to the policy. After the agreement has been established, the person taking out the policy will be required to explain the reason they wish to take out such a policy on you. This could be because you are family, close friends, or even because of a business relationship. It is also common for people to take out a life insurance policy on themselves with their children listed as the beneficiaries. There may sometimes be other acceptable reasons for someone to take out a life insurance policy on you, but this will depend entirely on the policies of each individual insurance company.