قالب وردپرس درنا توس
Home / Insurance / Get a life insurance policy for your significant other

Get a life insurance policy for your significant other

Buying life insurance on your boyfriend or girlfriend

As mentioned above, unmarried couples in long-term relationships who want to buy life insurance on each other will need the consent of their partner.

It is also likely that they will need to show proof of insurable interest in the life insurance company.

Examples of insurable interest may include:

  • Both individuals are named on a lease
  • Jointly own a home or a business
  • Both persons' debts (as a car loan)
  • have children

There are situations where it can prove difficult or even impossible to buy life insurance for each other. For example, if you and your partner:

  • have only been dating for a short time
  • do not live together
  • are not financially dependent on each other

»Calculate: Life insurance needs calculator

Buy life insurance on your fiancée

Being engaged shows a higher level of commitment and financial dependence than dating ̵

1; in the eyes of the life insurance company. It is usually less of a problem for engaged couples to buy life insurance on each other.

Some life insurance companies want to know that a wedding date is set, but it is not always necessary. But again, just buying insurance yourself and naming your fiancée as beneficiary is almost always a simpler process.

Beneficiary's definition: The person or entity that receives the insurance payment if the insured dies

Buy life insurance at your spouse

With married couples, it is obvious that they have an insurable interest in each other. They usually live in the same house, both contribute to bills and may raise children together.

»Compare: Compare the Best Life Insurance Rates

Name your S.O. as a beneficiary is an easier way.

Instead of letting someone else apply for insurance on you, it is generally an easier approval process to buy a life insurance policy on yourself and name your partner as the beneficiary.

Buy. Life insurance on yourself
Who is the owner? You
Who is insured? You
Who is the beneficiary? [1696509]] compared to

Significant another buys life insurance on you
(more difficult!)
Who is the owner? Your significant other
Who is insured? [359] Who are you insured?

the beneficiary?

Your significant other

However, there is another option.

You can name your property as the beneficiary of your life insurance. Then draw up a will stating how you want to divide your assets and you can name your partner as the beneficiary.

Remember that if your estate is called the beneficiary, access to the income from the death benefit is delayed because the money must go through the estate register. you name your property as your beneficiary, you can go back and change it to your partner when it is active. An insurer can change its beneficiaries at any time.

However, wait a few months to change it. If you change it directly, the life insurance company will probably investigate and make it a process.

»Read more: How to appoint beneficiaries of your life insurance

6. How to buy life insurance for your significant other

If you want to get a life insurance for your partner or name them as the beneficiary of your insurance, Quotacy can help you. We have helped many married and unmarried couples to buy a life insurance policy.

Start the process by making a free quote for a life insurance policy.

If you want to buy a life insurance policy for your partner, be sure to fill out the online quote and application using their information.

Tip: When filling out your application, use the titles "partner" or "significant other" instead of "boyfriend" or "girlfriend".

After ongoing quotes , when you are ready to apply you will be taken to a page that looks like the screenshot below.

 Image on the first page of the Quotacy online application.

As you can see it asks that you fill in the form with the insured's information (your next of kin.)

Once the application has been submitted, the life insurance company must personally contact them (the insured) to verify the application information and, if necessary, to schedule the medical e xam.

You can always cow Please contact us immediately if you need personal assistance.


Remember that you can not just buy a life insurance policy for anyone. Consent is required and insurable interest must be proven.

If you think life insurance is important to your partner, but he or she does not agree, you can not just buy it from them anyway without their knowledge. [19659003] If you have problems To help them understand the importance of life insurance, check out our blog post: How Do I Get My Husband to Buy Life Insurance?

Ready to see what you would pay for life insurance? Start with a free quote today.

Source link