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Can I buy life insurance on my boyfriend or girlfriend? We answer this question in today’s episode of Q&A Friday by explaining how you can buy life insurance on your significant other.

Video Transcript

Welcome to Quotacy’s Q&A Friday where we answer your life insurance questions. Quotacy is an online life insurance agency where you can get life insurance on your terms.

I’m Jeanna and I’m Natasha.

Today’s question is: can I buy life insurance on my boyfriend or girlfriend?

Q&A 14 topic Can I buy life insurance on my boyfriend or girlfriend? slide

Yes, you can buy life insurance on your boyfriend or girlfriend as long as you have their consent and insurable interest.

We’ve talked about insurable interest before in other Q&As but as a reminder insurable interest exists when one person financially benefits from another being alive.

slide with definition of insurable interest

For example, married couples have obvious insurable interest. They both live in the same house, contribute to bills, and may be raising children together. They each benefit from each other. They have insurable interest on one other.

slide illustrating married couples with insurable interest

On the flipside, if you and your boyfriend or girlfriend don’t live together, don’t share any bills, aren’t engaged, or don’t have children, and you’re basically just dating, then you don’t have insurable interest on one other and most likely can’t buy life insurance on one another.

slide illustrating couples without insurable interest

But Americans are waiting longer to get married these days so it’s pretty common for unmarried couples to want to buy life insurance on each other. And it’s not required that you are married to buy life insurance on someone else as long as you have insurable interest and consent.

And when you apply for life insurance on one another, on your application we recommend that you use the terms significant other or domestic partner instead of just boyfriend or girlfriend.

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Some common examples of insurable interest for unmarried couples are having a lease together, owning a home or business together, having debts together, like a car loan, or raising children together.

And when you apply for life insurance on one another, on your application we recommend that you use the terms significant other or domestic partner instead of just boyfriend or girlfriend.

slide showing policy designation setup for buying on significant other

We totally understand that you want to protect the person you love even if you aren’t joined by law and while owning life insurance on one another and being the beneficiary of these policies is one way there is an easier way.

A simpler process would be to buy life insurance on yourself and name your significant other the beneficiary and vice versa.

slide showing policy designation setup for significant other buying on you

slide showing policy designation setup for you buying life insurance on yourself for your significant other

Life insurance companies are more concerned about people buying life insurance on other people rather than themselves. No matter which direction you choose we applaud you for wanting to financially protect your loved one from the what-ifs in life.

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If you have any questions about life insurance make sure to leave us a comment. And if you have any questions regarding today’s topic, check out this blog: Can I Buy Life Insurance on My Significant Other? Otherwise, tune in next week when we talk about how being healthy saves you money on life insurance. Bye!

 

About the writer

Headshot of Natasha Cornelius, a life insurance writer, for Quotacy, Inc.

Natasha Cornelius

Writer, Editor, and Co-host of Quotacy's Q&A Fridays

Natasha is the content manager and editor for Quotacy. She has been in the life insurance industry since 2010 and has been making life insurance easier to understand with her writing since 2014. When not at work, she's probably studying and working toward her Chartered Life Underwriter (CLU) designation while throwing a tennis ball for her pitbull mix, Emmett, or curled up on her couch watching Netflix. If it’s football season, the Packers game will be on. Connect with her on LinkedIn.