Here at Schaller & Thomas Family Insurance, serving the greater Peoria, AZ area, one of the questions that we are most often asked in regards to life insurance is whether a boyfriend or girlfriend can take out life insurance on their boyfriend or girlfriend. If this is a question you have, here is some information you will want to know.
Can a Boyfriend or Girlfriend Take Out Life Insurance on the Other Person?
A boyfriend or girlfriend can take out life insurance on their boyfriend or girlfriend if they have a financial reason to do so. For example, if the parties are living together, the girlfriend may be significantly impacted without the help of her boyfriend to pay bills. Likewise, if a girlfriend is paying daycare costs for her boyfriends child so he can work, even if it isn’t her child, he has a financial reason to insure her life. As long as there is a financial reason to do so, non-married couples can take out policies on each other.
Does the Partner Need to Authorize the Other Person To Take Out Life Insurance on Them?
If you are looking to take out a life insurance policy on your boyfriend or girlfriend, you will need them to sign off on a paper acknowledging that they are taking out a life insurance policy on you and you are allowing it. If your partner does not agree to you having a lie insurance policy on them, you will be unable to get one.
If you are looking to take out a life insurance policy on yourself or your boyfriend or girlfriend, let Schaller & Thomas Family Insurance, serving the greater Peoria, AZ area, help you. Call us today to get an estimate.