Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Possibly, but he would have to agree on having the policy. It could not be done with out his consent. If you were the policy owner there would have to be signs of an "insurable" interest. What that would mean is you have a date to marry in the near future.
If you and your boyfriend live together and share expenses, you do have an insurable interest in his life, and it would be possible to take out a life insurance policy on him with you named as beneficiary. He would need to sign the policy as the insured person.
You can get life insurance on anyone that you have an insurable interest with. You must first justify the need for life insurance based on the economic loss you would suffer from his death. If you can't establish economic loss, you can't be the beneficiary. Engagement is a proposal to join interests, but it may not be enough if there are no present and shared liabilities. If you can't establish that as an engaged couple, then boy friend status will be more difficult.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
There are many ways to demonstrate the existence of an insurable interest. If your boyfriend wants you to have a policy on his life, there shouldn’t be any difficulty. If you decide to do that he would have to sign the application and medical releases and you would have to sign the application as the owner and premium payer.
That is an excellent question! The trick is going to be to find a company that will accept your boyfriend as an insurable interest. That may be hard to do, since you can only insure someone that you can demonstrate a loss from, should he pass. So if you have children together, share expenses and have property or loans together, than maybe so. If he is just a boyfriend, then most likely not. If you would like to contact me privately and give more details, I may be able to give you a better idea. Thank you for asking!
President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
As you can imagine, this question can be answered a few different ways nowadays.
Let’s suppose you are a girl and you want a policy on your boyfriend.
Why would you want that?
It probably is because you guys are serious and he supports you in some way. Maybe not completely, but do you have some form of financial dependency on him.
If you live together, then he can be considered your domestic partner.
If you don’t live together but intend to do so, then he can be considered your fiancé.
In both cases, you would be considered a legitimate beneficiary.
Let’s suppose you don’t live together, and you really can’t say right now that you will at some point, or get married.
Could you still take out a policy on him?
You probably could if you have set up some joint accounts. If there has been some pooling of expenses, and therefore some pulling of assets to cover those expenses, that probably could fly through underwriting.
It almost becomes a matter of insurable interest due to a business partnership of sorts you have formed. If you wanted a large amount of coverage, you might have to come up with some kind of business agreement to substantiate the amount needed.
Now let’s suppose you’re a guy who wants a policy on his boyfriend.
Pretty much, all the rules named above apply.
Interestingly, life insurance companies have pretty much kept up with the times when it comes to the social arrangements people make.
.JPG){kind=avatar}
There are many ways to demonstrate the existence of an insurable interest. If your boyfriend wants you to have a policy on his life, there shouldn’t be any difficulty. If you decide to do that he would have to sign the application and medical releases and you would have to sign the application as the owner and premium payer.
Let’s suppose you are a girl and you want a policy on your boyfriend.
Why would you want that?
It probably is because you guys are serious and he supports you in some way. Maybe not completely, but do you have some form of financial dependency on him.
If you live together, then he can be considered your domestic partner.
If you don’t live together but intend to do so, then he can be considered your fiancé.
In both cases, you would be considered a legitimate beneficiary.
Let’s suppose you don’t live together, and you really can’t say right now that you will at some point, or get married.
Could you still take out a policy on him?
You probably could if you have set up some joint accounts. If there has been some pooling of expenses, and therefore some pulling of assets to cover those expenses, that probably could fly through underwriting.
It almost becomes a matter of insurable interest due to a business partnership of sorts you have formed. If you wanted a large amount of coverage, you might have to come up with some kind of business agreement to substantiate the amount needed.
Now let’s suppose you’re a guy who wants a policy on his boyfriend.
Pretty much, all the rules named above apply.
Interestingly, life insurance companies have pretty much kept up with the times when it comes to the social arrangements people make.