My live in boyfriend said yes to my getting life ins on him is this legal , can I collect when he dies if I pay for the policy ?
Total Comments: 1
Posted: Fri Jan 27, 2012 01:48 pm Post Subject:
Yes, it is definitely legal to be able to draw a life insurance policy on your boyfriend. The problem here is the question of ‘insurable interest’. Without a valid ‘insurable interest’ in the life of the person you want to insure, the company may decline your application.
To understand if you have an insurable interest over your boyfriend’s life, just ask yourself this simple question: Am I financially dependent on my boyfriend?
If you are financially dependent then you have definite ‘insurable interest’ on his life and you can apply for the policy without having to worry.
In case you don’t have an insurable interest in your boyfriend’s life, the best thing to do is to ask him to buy the policy himself and appoint you as the irrevocable beneficiary. The other option is to wait for a period of more than 2 years and have him transfer the policy ownership over to you.
Posted: Fri Jan 27, 2012 01:48 pm Post Subject:
Yes, it is definitely legal to be able to draw a life insurance policy on your boyfriend. The problem here is the question of ‘insurable interest’. Without a valid ‘insurable interest’ in the life of the person you want to insure, the company may decline your application.
To understand if you have an insurable interest over your boyfriend’s life, just ask yourself this simple question: Am I financially dependent on my boyfriend?
If you are financially dependent then you have definite ‘insurable interest’ on his life and you can apply for the policy without having to worry.
In case you don’t have an insurable interest in your boyfriend’s life, the best thing to do is to ask him to buy the policy himself and appoint you as the irrevocable beneficiary. The other option is to wait for a period of more than 2 years and have him transfer the policy ownership over to you.
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