AKA: Can I buy life insurance on my boyfriend or girlfriend?
Typically, when we’re asked the question “can I get life insurance for my significant other?” it’s usually because the person calling in is worried about what would happen if the their partner passed away without any life insurance in place. For example:
- Who would pay for their burial expenses?
- How would their heirs survive “financially” after he or she was gone?
After all, if there wasn’t any insurance in place, is there a plan in place to make sure everyone would be taken care of?
In situations like these, the un-insured may be un-insured because:
- They have some type of pre-existing condition that may make it difficult to find coverage.
- They don’t feel that they need insurance.
- Or they may simply do not “believe” in life insurance.
This is why it can be difficult to get these individuals involved in the process of getting insured! After all, depending on the type of life insurance being applied for, getting approved may be considered too much work for these individuals who aren’t interested in getting insured in the first place!
But don’t fret, you can buy life insurance on someone else. You just need to follow some simple advice.
The Real Question Behind — Can I buy life insurance for my significant other?
We’ve found that most of the time when we’re asked, “Can I buy life insurance on my significant other?” the person is asking the question because their partner just won’t get life insurance on their own.
It could be because they don’t:
- Think they need it.
- Don’t like doctors.
- Don’t trust insurance companies.
- Or think it’s too creepy to talk about how the will one day eventually pass away.
Truth is people will make up a million different reasons to avoid buying life insurance but that doesn’t change the fact that one day, everyone including your significant other will die.
100% of all Americans will eventually die, of those only 52% will have life insurance in place when they do.
So by asking “Can I buy life insurance on my significant other?” what one is usually asking is:
“Can I get life insurance on my partner without him or her really taking an “active” role in the process?”
Short answer: Yes.
Complete answer: It depends.
How can I buy life insurance on my significant other?
Let’s just assume that your partner is OK with you getting life insurance on him or her, but they’re just not going to go out of their way to make it easy.
In cases like these, there are a few different insurance companies that will offer complete term life insurance coverage up to $500,000 that would go in force within 24 hours after a brief phone interview.
In our experiences, we’ve found that if you can:
- Eliminate the need for a complete medical exam,
- Allow everything to be completed over the phone in just a few minutes.
- And get rid of the long approval process, even the most stubborn applicant can be persuaded to get insured!
What if my significant other doesn’t want to pay the premium?
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 carriers (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.
This is where working with TermLife2Go can make all the difference in the world because with dozens of different top rated best life insurance carriers and top no physical exam life insurance carriers to choose from, we’re sure to find one with a payment method that will work for even the most difficult of situations.
Two main points to address:
Don’t stop reading… Up and till now, we’ve avoided most of the insurance jargon gibberish, but there are two words we simply can’t ignore!
In order for one to be able to take out an insurance policy on another, the one applying for the insurance must be able to demonstrate what is called “insurable interest”.
Definition: Insurable interest exists when an insured person has a financial or other kind of benefit from the continuous existence of the insured person.
So in order for you to be approved for life insurance on a significant other, you would need to be able to explain how you would be negatively affected financially by their death.
Note: This is not limited to wages earned. If your significant other performs duties at home such as child care or other types of activities which would require having to pay some in the future to assume, an argument could be made that these activities satisfies an “insurable interest”.
Ultimately, the need for the insurance needs to “make sense” to the insurance company and the underwriters reviewing your application.
If you find yourself having a difficult time explaining why you would be effected financially by another person’s death, chances are you don’t have a true “insurable interest” in that person’s life and will most likely be denied coverage.
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