Some people do not believe in marriage. And that’s alright. We all have our own preferences, and the choices we make in life are completely up to us. As the saying goes, “to each their own.”
However, married life does have some advantages. One of which is being able to have life insurance on your spouse in case the unthinkable happens.
With that said, if you are not married yet, or don’t plan on getting hitched anytime soon, you may be wondering if you can get a life insurance policy on someone who is not your spouse.
So if you’re wondering can I get life insurance on my boyfriend (or girlfriend or partner), here’s your answer.
Can I Get Life Insurance On My Boyfriend?
The short answer to that is yes. It is possible to get life insurance on your boyfriend (or girlfriend) even if you are unmarried.
However, getting life insurance from your unmarried partner may not be that easy. In order to be a beneficiary on your boyfriend’s (girlfriend’s) life insurance policy, there are certain requirements that you have to meet.
What Is Insurable Interest and Why It Matters
To become a beneficiary on your unmarried partner’s life insurance policy, you have to show insurable interest to him/her. But what exactly is insurable interest? What does it mean?
Insurable interest simply means that it is important for you that the person being insured stays alive. Because, if they don’t, you will suffer a significant loss in the case of an untimely death.
This does not mean it is best for your mental or emotional interest to keep him/her alive. Rather you have to prove that it is in your best interest to keep your unmarried partner alive in the financial sense.
Basically, you have to show you are financially dependent (or would suffer a great financial loss if your partner were to pass) on your unmarried partner to be an eligible beneficiary for a life insurance payout.
If you are living together, sharing expenses and/or engaged, then it is easier to prove this. If not, you will likely have trouble demonstrating insurable interest.
But aside from unmarried relationships, what are the other eligible insurable interests for a life insurance policy? Here are other qualified insurable interest for a life insurance policy:
- Spouses
- Children
- Elderly parents
- Business partners
- Key man
Why Is Insurable Interest Important?
While most people are good, there are some people who are, well let’s just say, not terribly ethical. And they may look to take advantage of a life insurance policy by taking one out on someone they know.
For example, they know someone who is very old or who works at a dangerous job or regularly takes part in risky behaviors. Imagine the chaos that it would bring if anyone can take out a life insurance policy on someone who’s old or lives dangerously.
It would create a situation where someone who is in a financial bind could find someone who is likely to pass away soon and take out a policy on that person. That could lead to some really bad situations.
In fact, before the concept of insurable interest was in place, there was at least one case of murder involving some people who took out a life insurance policy on the person they killed in order to get the money quicker.
So, to avoid horrible situations like this, the concept of insurable interest is now in place. This is why insurable interest is important.
Bottom line here, if you can demonstrate insurable interest, you can take out a life insurance policy on your boyfriend or another person who is not your spouse.