Can I Get Life Insurance on My Boyfriend?

It is possible to obtain life insurance on a boyfriend, but this process involves specific requirements and considerations. While the concept might seem straightforward, the legal and practical aspects of insuring another individual’s life necessitate careful attention to detail. Understanding these requirements is essential for anyone considering such a policy.

Understanding Why You Can Get Life Insurance

Obtaining a life insurance policy on another person hinges on “insurable interest.” This legal term signifies a financial or emotional stake in the insured’s continued life. Without insurable interest, an insurance policy would resemble a wager, which is not permissible under insurance law, as it could encourage harmful intent.

For unmarried couples, common scenarios that establish this include shared financial obligations, such as a joint mortgage, shared rent, or co-signed loans. Significant financial dependency, where one partner relies on the other’s income, also satisfies this requirement. While a romantic relationship alone may not establish insurable interest with all insurers, a demonstrable financial connection is required.

The Need for Agreement

A non-negotiable requirement for obtaining a life insurance policy on another adult is their explicit consent. This consent is legally and practically necessary, ensuring privacy and active participation from the individual whose life is being insured. Without this agreement, the application cannot proceed, and any attempt to acquire a policy without it would be invalid or illegal.

Consent entails the boyfriend’s active involvement throughout the application process. This includes providing personal details, signing all necessary forms, and potentially undergoing a medical examination. The insured’s signature on the application confirms their knowledge and approval of the policy. If the boyfriend does not provide consent or refuses to participate, the insurance company will reject the application.

Steps to Apply

Before applying, gather specific information from your boyfriend. This includes his full legal name, date of birth, and Social Security number for identification and record-keeping. You will also need comprehensive details regarding his medical history, such as past diagnoses, current medications, and any significant family medical conditions, as this helps the insurer assess risk. Information about his lifestyle, including smoking habits, alcohol consumption, and participation in high-risk hobbies, is also required for the initial application.

Once compiled, the application process begins. This involves submitting the completed application form, often online or through paper. If required, your boyfriend will need to schedule and complete a medical examination, which usually involves a physical assessment, blood pressure check, and collection of blood and urine samples.

Following the exam, the underwriting department will review all submitted information, including the medical results, to assess risk and determine eligibility and premium rates. After this review, the insurer will issue a policy offer, outlining the terms and cost of coverage.

Managing the Policy

Once the life insurance policy is in force, you, as the person who applied for and pays for the policy, will be designated as the policy owner. The boyfriend, whose life is covered by the policy, is the insured. This means the policy owner manages the policy, while the insured is the individual on whom the death benefit is based.

As the policy owner, you would designate yourself as the primary beneficiary. It is advisable to name contingent beneficiaries, who receive the benefit if the primary beneficiary is unable to. The policy owner maintains various rights, including the ability to change beneficiaries, surrender the policy for its cash value, or take out a loan against any accumulated cash value.