Life insurance on partner

[Guest charlesperry]

How would you feel if your boyfriend/husband wanted to get life insurance on you or the both of you? Whole family? This isn't about me, it stems from something that happened in my city where a girl took out life insurance on her 11 month old and then she later drowned in the tub I just don't know if I'd feel comfortable having life insurance on me so young. Just makes me think. Kind of like a prenuptial agreement would be a slap in the face to me. What about you?

[ETA Consulting LLC]

As long as there is insurable interest, what is the problem? For the reasons you've implied, I would not want a Stranger Owned Life Insurance policy on me.

Good Luck!

[david rigby]

Just asking this question raises possible concerns. As stated, the issue of "insurable interest" is the correct first question. Even if that is OK, the amount of the life insurance could raise another question.

[mbozek]

Just asking this question raises possible concerns. As stated, the issue of "insurable interest" is the correct first question. Even if that is OK, the amount of the life insurance could raise another question.

Insurable interest does not prevent strangers for aquiring the insurance policy after it is issued. NY Court of Appeals held about a year ago that after an insured purchases a policy it can be assigned to anyone selected by the insured regardless of whether the new owner has insurable interest.

[Guest patcassidy]

If you're not comfortable about it, it's something you should talk about with your partner. Your information and social security number is needed while applying for life insurance, and in amounts larger than $150K (sometimes $250K depending on the company), you'll be asked to give a medical examination. So you'll find out one way or another if a life insurance policy is being taken out on you. If this is someone you trust, don't worry too much about it. You'll find out that the younger you are, the better rates you qualify for, so in a few years from now, you'll be thanking your partner for their foresight.

Pat Cassidy

Disclaimer: I work for AccuQuote and this is my personal opinion.