Question : Life insurance?
I need to get life insurance but I have heard that you don't get the policy on yourself but that your spouse is supposed to get one for you.... What is the difference?
- asked by cindy w
All Answers:
Answer #1
YEs, you can not get one on yourself, that wouldbe legally strange. Have your wife getting one onyour name and do tha same for her.
- answered by Cross_stitch_your_photo
Answer #2
You can get it for yourself or your spouse can getit. Either way your spouse is going to be thebeneficiary. The main difference is if you get ityourself (you are the holder), and if you for somereason, want to cancel the insurance, don't wantyour spouse to be the beneficiary, or want to addsomebody to be the beneficiary, you can do it. Ifyour spouse is the holder, you can't changeanything or cancel. I would say, you should be theholder and make your spouse the beneficiary.
- answered by spot
Answer #3
You get the policy on yourself, you pay thepremiums and you name your spouse as thebeneficiary.You don't need to have your spouse'get it for you'.You can do all this yourself andtake care of your spouse financially by naming thespouse as the beneficiary.
- answered by markmywordz
Answer #4
The word "suppose" doesn't really fit into theequation here. The whole aim of insurance is thatyour spouse gets taken care of in the event thatyou are not around to do so. So if you love yourspouse, then you will likely buy one for yourself.Vice versa.
- answered by floozy_niki
Answer #5
You can have one in your own name. If you want todo it in someone elses name there has to be areason i.e. you have a mortgage or familytogether. Look on www.thepremiergroup.co.uk theyare a good IFA firm. Cover whole of UK and havefemale advisers
- answered by fargo
Answer #6
You can buy the life insurance policy in your nameand name your spouse, children, loved ones as yourbeneficiary.There needs to be an insurableinterest for someone else to take out a policy onyour life. They need to rely on you for some meansof financial support.When you buy a life insurancepolicy there must be an insurable interest on theperson being insured on the life insurance policy.Types of Insurable Interest for a Life InsurancePolicy:Your Own Life - Every person has anunlimited insurable interest in his or her ownlife. The insured person can choose whoever theywant to be the beneficiary (who the proceeds arepaid to upon the insured’s death) of their lifeinsurance policy. Parent and Child, Husband andWife, Brother and Sister - All have insurableinterest in each other, because of blood relationor marriage. Your creditors - All creditors mayhave an insurable interest in you if you owe themmoney. The creditor can be the beneficiary of yourlife insurance policy for the amount of anyoutstanding loan. Business relationships - Maycreate an insurable interest. An employer mayinsure the life of an employee, and an employeemay insure the life of an employer.Insurableinterest must exist at the time the life insurancepolicy is purchased. However, for a life insurancepolicy, insurable interest is not required at thetime of loss. Example: - A man may insure the lifeof the woman he is engaged to. If they marry andthen are divorced, he can continue paying thepremiums. If his ex-wife dies after the divorce,he would receive the death benefit. Review: All ofthe following may have life insurance beneficiaryinsurable interest status: Children of a parent,Parents of a child, Husband for a wife, Wife for ahusband, Creditor for a debtor, Employer for anemployee, and Employee for an employer. In orderto purchase a life insurance policy, the personbuying the policy must have an insurable interestin the person insured on the life insurancepolicy. I hope that helps you understand insurableinterest and who can take out a life insurancepolicy on another person.If you want to comparequotes for life insurance, InsureMe has helpedmillions of people shop for insurance online since1993. They give you up to five free quotes fromtop-rated insurers nationwide -
http://www.insureme.com/landing.aspx?Refby=613403&Type=life
- answered by Hadley
Answer #7
Not true, you can buy the policy yourself. Thenyou "name" whoever you want to receive the moneywhen you kick off. It can be your spouse, or yourkids, OR your estate, to pay off your bills, oreven me!
- answered by mbrcatz17
Answer #8
Funny things happen in marriages. Sometimes theyend in divorce. If you own your own policy andname your hubby as beneficiary and your hubby doesthe same. You have 2 kids. Then you get divorcedand it is a bitter divorce (See recent question byTed M). What if he decides to stop paying theinsurance premiums to be bitter or spitefultowards you?Wouldn't you feel more comfortable ifYOU owned the policy on him. That way YOU decidewhat happens to the insurance. Even if thedivorce court requires him to buy insurance, thereare many ex-spouses who do not keep up theirrequirements.Go talk to an agent and a financialplanner.
- answered by insuranceguytx
Answer #9
There is no difference. Someone is going to paythe premiums to get you covered, either you oryour spouse. You will be subjected to medical examand be asked some health questions to find outwhat your rate is.If the life insurance companydoes it, you can add yourself as a "spouse rider"to your primary's policy to avoid additionalpolicy fees.
- answered by CTU
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