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Can I get life insurance on my boyfriend or girlfriend?

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Americans today are waiting longer to get married than any generation before them. However, the number of unmarried couples living together has continued to go up.

The reason? When asked, most couples are postponing marriage because they want to be financially secure first.

Even though they’re not married, they are still combining finances and sharing expenses. At that point, they rely on each other’s income to help take care of financial obligations.

This is when life insurance becomes an important part of financial planning. To help you understand what’s needed to buy life insurance on your significant other, here are some of the things you need to know.

Table of Contents

  1. Consent and Insurable Interest
  2. Buying Life Insurance on Your Boyfriend or Girlfriend
  3. Buying Life Insurance on Your Fiance/Fiancee
  4. Buying life Insurance on Your Spouse
  5. Named Beneficiaries: An Easier Route
  6. How to Buy Life Insurance on Your Significant Other

 

1. Consent and Insurable Interest

When you buy life insurance on someone else, you need to have both:

  1. Their consent
  2. Insurable interest

Insurable interest exists when one person financially benefits from another person living.

Put differently, if you rely on the income of your significant other, whether it’s to pay rent or bills and they were to die, your financial situation would be considerably impacted.

Proving insurable interest to buy life insurance on a significant other becomes a bit more challenging when a couple is not legally married.

You may need to check a few more boxes, but it isn’t as difficult as it used to be. The life insurance industry changes and adapts to keep up with societal norms.

When you buy life insurance on someone, you need to have consent and insurable interest.

Want to see what you’d pay for life insurance?

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2. Buying Life Insurance on Your Boyfriend or Girlfriend

As stated above, unmarried couples in long-term relationships who want to purchase life insurance on one another will need consent from their partner.

Also, it’s likely that they will need to show proof of insurable interest to the life insurance carrier.

Examples of insurable interest can include:

  • Both individuals being named on a lease
  • Jointly owning a home or business
  • Debts naming both individuals (such as a car loan)
  • Having children

There are situations in which it may prove difficult or even impossible to buy life insurance on each other. For example, if you and your significant other:

  • Have only been dating for a short period of time
  • Do not live together
  • Are not financially dependent on each other

» Calculate: Life insurance needs calculator

3. Buying Life Insurance on Your Fiancé/Fiancée

Being engaged shows a higher level of commitment and financial dependency than dating—in the eyes of the life insurance company. It’s typically less of an issue for engaged couples to buy life insurance on one another.

Some life insurance companies will want to know that a wedding date is set, but this isn’t always required. But, again, just buying a policy yourself and naming your fiancé/fiancée as beneficiary is almost always an easier process.

Beneficiary definition: The person or entity that receives the policy payout if the insured dies

4. Buying life insurance on your spouse

With married couples, it’s obvious that they have insurable interest in one another. They typically live in the same house, both contribute toward bills, and may be raising children together.

» Compare: Comparison shop the best life insurance rates

5. Named beneficiaries: An easier route

Rather than having someone else applying for a policy on you, it’s generally an easier approval process to buy a life insurance policy on yourself and name your significant other as the beneficiary.

Buying Life Insurance on Yourself
(easier!)
Who is the owner? You
Who is insured? You
Who is the beneficiary? Your significant other

vs

Significant Other Buying Life Insurance on You
(harder!)
Who is the owner? Your significant other
Who is insured? You
Who is the beneficiary? Your significant other

 

However, there is another option.

You could name your estate as the beneficiary of your life insurance policy. Then draft a will that states how you wish to divide your assets and you can name your significant other as the beneficiary.

Keep in mind that if your estate is named the beneficiary, access to the death benefit proceeds is delayed because the money must go through probate.

If you name your estate as your beneficiary, you can go back and change it to your significant other once it’s active. A policyowner can change their beneficiaries at any time.

However, wait a few months to change it. If you change it right away, the life insurance company is likely to investigate and make it a process.

» Learn more: How to Designate Beneficiaries on Your Life Insurance Policy

6. How to Buy Life Insurance on Your Significant Other

If you’re looking to get life insurance on your significant other or name them as beneficiary of your policy, Quotacy can help. We’ve helped many married and unmarried couples purchase life insurance.

Start the process by running a free and anonymous term life insurance quote.

If you want to buy life insurance on your significant other, be sure to complete the online quote and application using their information.

Tip: When filling out your application, use the titles “partner” or “significant other” instead of “boyfriend” or “girlfriend”.

After running quotes, when you’re ready to apply you will be brought to a page that looks like the screenshot below.

Image of the first page of the Quotacy online application.

As you can see it asks that you fill out the form with the insured’s information (your significant other.)

Once the application has been submitted, the life insurance company will need to personally contact them (the insured) to verify application information and, if necessary, to schedule the medical exam.

You can always contact us directly if you want one-on-one assistance.

Conclusion

Remember, you can’t just buy life insurance on anyone. Consent is required and insurable interest needs to be proven.

If you believe life insurance is important for your significant other, but he or she doesn’t agree, you can’t just buy it on them anyway without their knowledge.

If you’re having trouble getting them to understand the importance of life insurance, check out our blog post: How Do I Get My Spouse to Buy Life Insurance?

Ready to see what you’d pay for life insurance? Start with a free quote today.

Watch the Life Insurance on a Boyfriend or Girlfriend Video

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:
 
Can I buy life insurance on my boyfriend or girlfriend?

 
 
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.

Insurable Interest

A significant financial interest in the person being insured and their continued income.

 
 
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.

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.

Sample Life Insurance Policy

Owner: Me
Insured: My S.O.
Beneficiary: Me

 
 
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.

Sample Life Insurance Policy

Owner: My S.O.
Insured: My S.O.
Beneficiary: Me

Sample Life Insurance Policy

Owner: Me
Insured: Me
Beneficiary: My S.O.

 
 
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.

» Compare: Term life insurance quotes

If you have any questions about life insurance make sure to leave us a comment. Otherwise, tune in next week when we talk about how being healthy saves you money on life insurance. Bye!

 

Photo credit to: Nathan McBride

About the writer

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

Natasha Cornelius

Marketing Content Manager

Natasha is a writer and content editor at Quotacy. She is also co-host of Quotacy’s YouTube series. She can't get enough of life insurance and outside of work is also working toward her Chartered Life Underwriter designation. Connect with her on LinkedIn.