In this much modernized world, we could see that Millennials seem to be waiting longer for marriage when compared with the previous generations. As the preferences of men and women have changed much and they like to postpone marriage to achieve their aspirations, there are many late marriages. These changes require modifications in many things and now it covers life insurance too.
If you are someone who has not yet married, however, thinking about taking an insurance policy for your girlfriend, this is the article for you.
A life insurance on someone else
There are some situations where marriages are postponed such as preparing for the arrangements for life after marriage, dependency on the income, etc. However, there may be a need for life insurance for the people.
Yes, just like insuring a new home and valuable possessions, so is the importance of thinking about insuring life against disability, illness, and even death. Those couples who are unmarried, but in long-term relationships may wish to take life insurance policies on one another. This becomes more important in cases if they share the expenses and living space.
So, the often question in these situations is – Can I Buy Life Insurance On My Girlfriend?
The straight answer for this is, you are able to take an insurance policy on someone, if you have insurable interest and the signature of the specific person on the policy.
Chances of buying insurance for the girlfriend
The insurance rules of the UK reveal that until there is an insurable interest between the partner and girlfriend, it can be arranged to have a life insurance policy. You can arrange a single policy for yourself. And both parties also can consent to this arrangement. And the good thing for the people seeking life insurance for their girlfriend is it is not necessary to get married to get life insurance on her.
Requirements for the policy
To get an insurance policy, each partner who is in a living relationship or intended to buy it will most likely have to show proof of insurable interest to the provider of life insurance. The following documents probably need to verify the insurable interest:
- A lease document that contains the names of the people (both)
- A proof that shows that the individuals own a home or business together
- A loan for example, car having the name of both
- Shared children
What should you think about?
Though you are able to have an insurance policy, the thing is you should consider the other sides also. You may marry her if you are very serious about the relationship with your girlfriend. Similarly, you have to also consider aspects such as potential drawbacks that are related to buying a life insurance policy on your girlfriend. If in case you buy a life insurance policy on your girlfriend and if there is a break up then, it probably doesn’t make any sense for you to have such a policy on the life of your girlfriend. So you should think wisely and make the right decision.
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