It is usually permissible to take out life insurance on your spouse. Because most couples live together and share expenses and income, they have a financial interest in each other's lives. That is what the underwriter looks at when determining whether you can take out a policy on your spouse.
Life insurance underwriters also take into consideration how much coverage you have on yourself, and possibly may ask your reason for owning your spouse's policy.
Your spouse must give consent by signing the application.
Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
You can, of course purchase a Life Insurance policy covering your spouse, just as your spouse can purchase one on you because you each have an insurable financial interest in the other. Presumably you are each dependent upon the other's income, and also share joint interest in your home, savings, investments, etc. Naturally, discuss your options with your Insurance Professional in order to determine what coverage considerations best meet each of your needs.
That is an excellent question! It makes great sense for both spouses to have a life insurance policy. The reasons for having one are simple - to cover funeral expenses, to provide for lost income, and to ensure that bills are paid. Insuring each other is a good way to show love for each other even after you've passed. Thank you for asking!
It is usually plausible to take out a life insurance policy on your spouse. However, you cannot take out a life insurance policy on your spouse or anyone else without their knowledge and consent. The policy can be paid for by the beneficiary, but the insured has to sign and go through underwriting. The key to purchasing a life insurance policy has to meet the criteria of an "insurable interest". In other words, a person would suffer financially at this person's death, certainly a spouse would qualify as an "insurable interest".
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Life insurance underwriters also take into consideration how much coverage you have on yourself, and possibly may ask your reason for owning your spouse's policy.
Your spouse must give consent by signing the application.