Life insurance needs to have insurable interest between two people for one person to buy a life insurance policy on another person.
Therefore if you can show that a financial impact would be made upon you if he died, there is a better chance of you being able to buy life insurance on him.
Do you live together? Do you share the same bills? Are you engaged or planning on being engaged soon? These are things that would help you to answer the question.
Insurable Interest is a right or relationship with regard to the subject matter of an insurance contract such that the insured will suffer financial loss from damage, loss, or destruction to that subject matter.
Usually, insurable interest exists between spouses, parents and their children, siblings, and business partners. However, if you rely on your boyfriend for some form of financial support, and/or expect to be married one day, you may be able to buy life insurance on your boyfriend.
You may want to contact a licensed life insurance agent or insurance company and ask them for a response to this question, or you could find out by applying for the life insurance with the consent and cooperation of your boyfriend.
Depending on the insurer and amount of life insurance, he may need to take a medical exam, answer some health questions, and sign for the life insurance policy.
Insurance without any Medical Exam,
Just a Few Health Questions.
Hey, Great info! I really think it's time I get life insurance and make sure my family is protected. You can never be too prepared for those unexpected moments. I'm going to sign with Globe Life Insurance; great rates and service!
ReplyDeleteThanks you so much.......
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