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Can I get life insurance on my boyfriend or girlfriend?

Do you prefer to learn by watching? We answer this question in a video below. Click here to jump ahead.

Americans are waiting longer to get married. This doesn’t mean that today’s couples love each other less than generations past. Most couples are postponing marriage because they want to be financially secure first.

Part of being financially secure is owning life insurance.

It’s very common for married couples to purchase life insurance on one another or name each other as beneficiaries of their policies. When you buy life insurance on someone, you need to have consent and insurable interestInsurable interest exists when one person financially benefits from another person living. Essentially, they are worth more to you alive than dead. With married couples, it’s obvious that they have insurable interest in one another. They live in the same house, both contribute toward bills, and may be raising children together.

» Calculate: Life insurance needs calculator

The life insurance industry changes and adapts to keep up with societal norms.

According to the U.S. Census Bureau, the number of U.S. adults who are unmarried yet cohabitating has risen 29 percent since 2007. For couples that aren’t married but want to buy life insurance on one another, you may need to check a few more boxes, but it isn’t as difficult as it used to be.

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

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Buying Life Insurance on Your Boyfriend or Girlfriend

Unmarried couples in long-term relationships who want to purchase life insurance on one another will need consent from their partner and will likely 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.

Life insurance companies won’t allow you to buy life insurance on someone you’ve just begun to date.

If you and your significant other do not live with each other, it may be more difficult to get insurance approval.

If you and your significant other are not financially dependent on each other, it will be difficult to be approved.

There is an easier route to consider if you want financial protection for your significant other.

It is an easier approval process to buy a life insurance policy on yourself and name your significant other a beneficiary than it is for your significant other to own a life insurance policy on you—and vice versa. (Hint: When filling out your application, use the titles “partner” or “significant other” instead of “boyfriend” or “girlfriend”.)

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

A third option would be to name your estate as the beneficiary of your life insurance policy and then draft a will that states how you wish to divide your assets and you can name your significant other as the beneficiary of the life insurance benefit. However, 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 inforce, in other words, “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.

» Compare: Term life insurance quotes

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 not 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.

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 have 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. (Remember: You can always contact us directly if you want one-on-one assistance.) 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.

 

You can see it asks that you fill out the form with the insured’s information (your significant other.) The life insurance company will need to personally contact the insured (your significant other) to verify application information and, if necessary, to schedule the medical exam.

Remember, you can’t just buy life insurance on anyone. Consent is required.

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? There are some tips that may be helpful.

We look forward to helping you and your loved one buy life insurance.

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

Writer, Editor, and Co-Host of Quotacy’s Q&A Friday YouTube Series

Natasha writes and edits content and is co-host of Quotacy’s YouTube series. She is also working toward her Chartered Life Underwriter (CLU) designation. When not working or studying, you’ll find her 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.