by Guest » Tue Nov 03, 2009 02:04 pm
Me and my boyfriend have been together for 3 years. We live together. He owns the house we now live in and makes the mortgage paments on that property. I pay all the other bills such as food, utilities, internet, cable. I was wanted to get a life insuracne plan to protect me in case something happens to him, just enouph to pay off the house and other expenses. Can I purchase life insurance on him.Or does he need to purchase it and put me as the beneficiary?
Posted: Sat Feb 16, 2013 07:39 pm Post Subject:
"So a couple has to have lived together for 7 years before applying for the insurance"
Huh? Anybody can apply. In order for a policy to get approved, there needs to be an insurable interest. If the owner is the insured, there is always an insurable interest.
Posted: Mon Feb 18, 2013 03:13 am Post Subject:
And I'm pretty sure that when he said "married", he was also referring to common law marriage.
The issue of common law marriage is only effective in a handful of states. In the post you must be referring to, I mentioned a "marriage license". Obviously a common law marriage has nothing to do with a license.
Insurable interest is defined as having a "pecuniary interest" in the continuation of the life of a human being. It could exist between person who are not married if they have joint financial obligations (as in business partners) or a couple who have children between them without the benefit of a marriage license (which used to be unlawful).
Just because two people have been "boyfriend and girlfriend" for 24 years doesn't convey insurable interest . . . especially if they are living in separate locations.
A so-called common law couple would also not necessarily have to live together for 7 years before insurable interest is established. A common law marriage, if based on a certain time standard, is simply a legal recognition of husband-wife status without a marriage license. It provides for things like Social Security survivor benefits where boyfriend-girlfriend does not. That's all. Insurable interest is a very different concept.
Posted: Thu Aug 08, 2013 04:51 pm Post Subject: Insurance inquiry
I met my boyfriend in September and we became engaged five months later. He wants to marry me. We are now living together for 3 months and share the payment of rent in the apartment we rented. He is in the process of obtaining life insurance for both of us, and I am given this some thought as I have never been too interested in life insurance throughout my life
Posted: Thu Aug 08, 2013 04:59 pm Post Subject:
While you are thinking about it, do you have a question?
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