“Can I get life insurance on my boyfriend?” That depends on whether the insurance company decides you have what’s called an insurable interest, and whether your boyfriend consents to being covered. We’ll explain what insurable interest is and how the process works so you can decide if it applies to your personal situation.
Life insurance companies don’t allow just anyone to take out a policy on another person. The life insurance death benefit is meant to either replace lost income or provide a final gift. That means the person being insured must have a close personal and/or financial connection to the person who takes out the policy. This is called having an insurable interest.
If no insurable interest were required, it would be too easy to game the system. For example, you could take out a policy on anyone likely to pass away soon and get paid when they died. As a more extreme example, criminals could take out life insurance policies on people they intend to kill, and profit by their death. There have to be rules to keep things legal and safe. Requiring an insurable interest helps fight fraud and crime because it means the insured person must have a close financial or personal connection to the person purchasing the policy. That’s why “can I get life insurance on my boyfriend” is a question that doesn’t necessarily have an easy answer.
In many cases, yes. Here are some questions to ask to help pin down your insurable interest:
If any of the above situations apply to you, the answer to “can I get life insurance on my boyfriend” is probably yes! Let us help you get that policy in place! Call us at (800) 521-7873 or click the button below for a free term life quote.Get a Free Quote Now
Consent is an important part of any life insurance policy. It’s impossible (not to mention unethical) to insure someone without their knowing it. There are obvious reasons for this, to discourage fraud and possible criminal behavior.
To take out a life insurance policy on your boyfriend, he will need to sign the application at a minimum. And if you apply for a policy with full underwriting, your boyfriend will also need to consent to his medical records being released to the insurer.
If someone were to resort to fraud to complete and submit an application without the insured person knowing, it’s illegal and those actions could make the policy invalid later. If there were ever a question, and the insurance company suspected fraud, they could deny the death benefit or delay it while they investigated.
If you have your boyfriend’s consent and an insurable interest, the answer to “can I get life insurance on my boyfriend” is probably yes! Let us help you get that policy in place! Call us at (800) 521-7873 or click the button below for a free term life quote.Get a Free Quote Now
Let’s say you have an insurable interest and the answer to “Can I get life insurance on my boyfriend” is yes. Your next step is to decide who will own the policy. You might not realize it, but life insurance can have up to four distinct roles:
Insurable interest is only an issue if the owner and/or payer is the beneficiary but not the insured. If your boyfriend takes out a life insurance policy on himself and names you as a beneficiary, for example, there is no issue. In this example, he’s the owner, payer, and insured while you are the beneficiary.
However, if you want to be the owner and payer and beneficiary on a policy that insures your boyfriend, the insurance company will need proof that his death would cause you financial harm. Your boyfriend would also have to consent to being insured, as we mentioned above.
If you have consent, an insurable interest, and are willing to be the owner and/or payer for the policy, you can get life insurance for your boyfriend. Let us help you get that policy in place! Call us at (800) 521-7873 or click the button below for a free term life quote.Get a Free Quote Now