Can I take out a life insurance policy on my boyfriend?
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UPDATED: Feb 15, 2017
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- He must be aware of the policy and approve of it or you will not be able to submit an application for coverage
- You must prove an insurable interest in him. Buying insurance to profit from another’s death is illegal
- It is a good idea if you are the owner on the policy
Many people are interested in having life insurance coverage on a significant other, and most insurance companies will allow it if you can show that you have an insurable interest in him.
This means that he is worth more to you alive than dead. If you would suffer financially if he died that may be considered an insurable interest.
If you live together and he pays the rent or pays the mortgage on your home, this would be an insurable interest.
You could get mortgage insurance to pay off your home if he dies.
Learn more about getting life insurance below and make sure to use our free insurance comparison tool above!
Important Things to Think About Regarding an Insurable Interest
If you and your boyfriend do not live together, it may be harder to prove an insurable interest.
You cannot get coverage on him to profit from his death, or gamble on his early death.
In other words, if you are not financially dependent on him now, you could not wager on him dying, so that you can make money from his death.
An example of a solid insurable interest is if you have a child with him, and he provides financial support to you and the child.
The insurance would be used to replace his child support payments or payments he makes to you each month to care for the child.
If you do not have a child together, you could have an insurable interest for just covering his burial and final expenses.
He may find it easier just applying for this type of coverage himself with you as the beneficiary. In this case, you should be the owner of the policy also.
That way, he cannot change anything on the contract. To make sure the policy stays in force, you may want to make the premium payments yourself.
If you are not dependent financially on your boyfriend, you will have a harder time proving an Insurable interest in him.
If he owes you money, you will have to show legal loan papers that state a specific amount that is owed. If there is no official documentation, you will likely be denied coverage.
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Your Boyfriend Must be Aware of the Policy
You cannot secretly apply for life insurance on your boyfriend, without him knowing about it. He must be aware of the policy.
He will have to sign the contract and give permission for the release of his medical records.
Many people think they can just sneak around and secretly get coverage on their boyfriends without their knowledge.
If you sign his name on the application, it is illegal and grounds for voiding the contract. He must be an active participant in the application process.
Other Options Available to Get Coverage
If your boyfriend is willing to apply for his own policy and name you as beneficiary, you should be able to get coverage.
Every person is considered to have an insurable interest in their own life.
If you and your boyfriend are living together, have a child together, if he stays home and takes care of the child, you could show an insurable interest in him, because you would have to pay to get someone else to provide child care if he died.
Another way to prove an insurable interest is if you and your boyfriend are in a business together. The term used to cover a significant person in business is key person insurance.
If your boyfriend plays a major part in the businesses success, you would have an insurable interest in him being alive to keep the business going.
You could insure his life to cover any financial damage to the business.
So, yes you can take out life insurance on your boyfriend, but you must show an insurable interest in him to do so.
You must be financially dependent on him or show that you would suffer financially in the event of his death. He must be worth more to you alive than dead.
You can have a burial policy on him, as long as he is aware of it.
If you can show an insurable interest, you will have no problem getting life insurance on him, however, he must be aware of it and agree with it.
You cannot secretly insure him. If you are having a problem insuring him, ask him to apply for the coverage on himself and name you as beneficiary.
You should also be the owner of the policy, so you control it as far as changing beneficiaries, canceling it and taking loans against it.
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