President, Lane Independent Agency, Southern California
We do this all the time. If you are married you have an insurable interest in your husband's life. You need an insurable interest in order to insure that person. You also need their consent. With those two things, the process is simple. Your Life Insurance agent will take a written application from you, and a blood sample from your husband. The cost will be dependent upon your husband's rating (their health) and age. Assuming they have a reasonable occupation, and the rating is fair, your cost will then depend upon the amount and type of coverage you wish. Either permanent (Whole) or temporary (Terrm) coverage. Gary Lane and Thank You.
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Securing coverage on your husband is like securing coverage on anyone else - you must have an insurable interest to buy a policy on another life as well as their consent to take out a life insurance policy on them.
From there, there's different types of programs to consider (term vs. universal vs. whole life and whether you're ok with taking an exam or are strictly against it - you're generally paying much higher rates with non-medical policies and the face amounts under a single policy are going to be limited)
The risk class your husband qualifies for determines the final premiums that you'll pay (in addition to his age and if he uses any tobacco products) - please note, the risk class from company ABC may not be the same risk class he gets from company XYZ. Every company has their own underwriting guidelines and views risk on medical histories differently.
I recommend consulting with a knowledgeable independent agent who can shop the case for you and review multiple carriers' programs as well as complete a life insurance needs analysis (if you would like to determine how much coverage you need and how long you need it for - you can also look at a combination of benefits (e.g. some term and some permanent)).
Certainly, you may buy life insurance for your husband. If you are depend upon his income and would suffer financially at his death, you should sit down with him to purchase life insurance to protect you.
In most cases it is a simple process. An agent would fill out an application to determine how much of a face amount you would need and how much he would qualify for based on his earnings. Next would be the underwriting considerations to determine premiums. Premiums vary by age, build, occupation, life style and health conditions to name a few. It is likely he will need to have a paramed exam to recover some blood and urine samples and depending on age, height, weight, blood pressure, EKG, etc. This is a no cost service to you the consumer. Once the underwriter evaluates the risk class by these tests, MIB reports, medical records the policy is issued and at that time you make the determination based on coverage and premium to accept or reject the policy. If using a good life insurance broker, you shouldn't have any surprises during the process.
When buying life insurance for your husband, first gather his health information: the medications he takes, his height and weight, any weight loss of over 10 pounds in the past year, and a history of health conditions he has had (including the year he was diagnosed). If he has had a bankruptcy, felony, DUI, or other risk factors, try to recall the date it occurred and/or was discharged.
Ask your husband whether he objects to taking an exam. Then, using all this information, shop for his best rate. He will need to complete and sign the application as the insured. Either of you can own the policy. The policy owner and person making the payments will also sign the application.
If the policy does not need an exam, your husband may need to do a phone interview with a representative for the life insurance company. If it is a medically underwritten policy, it will require an exam to be done in your home or place of your husband's choice.
Once approved, your husband will need to sign some delivery requirements to put the policy into effect. If you are the policy owner, you will need to sign them, as well.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
If you want life insurance on your husband arrange an interview with a trusted insurance agent. If you don’t already have such an agent, get recommendations from friends, colleagues and neighbors. Prepare your husband by sharing your concerns with him. Make sure that the agent you meet listens, offers sound advice and communicates well with you and the company. If your husband objects to the purchase of life insurance he made need counselling. It is not normally to tell someone that you love that you want to see them suffer, which is what you will do if he predeceases you.
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From there, there's different types of programs to consider (term vs. universal vs. whole life and whether you're ok with taking an exam or are strictly against it - you're generally paying much higher rates with non-medical policies and the face amounts under a single policy are going to be limited)
The risk class your husband qualifies for determines the final premiums that you'll pay (in addition to his age and if he uses any tobacco products) - please note, the risk class from company ABC may not be the same risk class he gets from company XYZ. Every company has their own underwriting guidelines and views risk on medical histories differently.
I recommend consulting with a knowledgeable independent agent who can shop the case for you and review multiple carriers' programs as well as complete a life insurance needs analysis (if you would like to determine how much coverage you need and how long you need it for - you can also look at a combination of benefits (e.g. some term and some permanent)).
In most cases it is a simple process. An agent would fill out an application to determine how much of a face amount you would need and how much he would qualify for based on his earnings. Next would be the underwriting considerations to determine premiums. Premiums vary by age, build, occupation, life style and health conditions to name a few. It is likely he will need to have a paramed exam to recover some blood and urine samples and depending on age, height, weight, blood pressure, EKG, etc. This is a no cost service to you the consumer. Once the underwriter evaluates the risk class by these tests, MIB reports, medical records the policy is issued and at that time you make the determination based on coverage and premium to accept or reject the policy. If using a good life insurance broker, you shouldn't have any surprises during the process.
Ask your husband whether he objects to taking an exam. Then, using all this information, shop for his best rate. He will need to complete and sign the application as the insured. Either of you can own the policy. The policy owner and person making the payments will also sign the application.
If the policy does not need an exam, your husband may need to do a phone interview with a representative for the life insurance company. If it is a medically underwritten policy, it will require an exam to be done in your home or place of your husband's choice.
Once approved, your husband will need to sign some delivery requirements to put the policy into effect. If you are the policy owner, you will need to sign them, as well.