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Can I Buy Life Insurance for my Significant Other?
Typically if someone wants to know if they can buy life insurance on someone other than themselves, they are worried about their significant other.
You can take out a life insurance policy on someone else as long as you have what is called insurable interest. In short, insurable interest means that you would experience a financial loss if that person were to pass away.
In same cases you can apply online for life insurance. Companies like Haven Life and Bestow are easy to use and you can get life insurance coverage quickly. If you know you want a term life insurance policy and don't want to spend a lot of time with applications and medical exams then either of these companies are a good option.
If you are looking for a whole life insurance policy or a universal life insurance policy, you can still apply online with most insurance companies (or with us). The life insurance company may also ask your significant other to do a phone interview to ask more questions and verify information that was provided in the application. Or they might be required to take a life insurance medical exam.
If you are ready to get a quote and start an application, you can get a life insurance quote here.
What if my significant other doesn’t want to pay the premium?
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This happens all the time, a family member or a significant other will often pay the premium for another loved one just so that they can be sure that the policy remains in effect.
Attention: Insurance companies get a little sensitive about this one. After all, insurance carriers don’t really want to find themselves allowing someone to insure another individual without the insured having knowledge of the fact.
For this reason, some companies (but not all) may require the initial premium payment to be made by the insured and then switched to another individual after the first premium is received.
As long as you have insurable interest in your significant other you are able to get a policy on them. The process becomes easier if your significant other is willing to take an active role in that process.
Applying online with certain companies could allow you to gain coverage quickly and skip the medical exam. If you are looking for a quick way to get coverage, this could be your best option.