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Life insurance?
I need to get life insurance but I have heard that you do not get the policy on yourself but that your spouse is supposed to get one for you. What is the difference?
Responses:
•You can have one in your own name. If you want to do it in someone elses name there has to be a reason i. e. you have a mortgage or family together. Look on thepremiergroup.co.uk they are a good IFA firm. Cover whole of UK and have female advisers
•Not true, you can buy the policy yourself. Then you "name" whoever you want to receive the money when you kick off. It can be your spouse, or your kids, OR your estate, to pay off your bills, or even me!
•There is no difference. Someone is going to pay the premiums to get you covered, either you or your spouse. You will be subjected to medical exam and be asked some health questions to find out what your rate is. If the life insurance company does it, you can add yourself as a "spouse rider" to your primary's policy to avoid additional policy fees
•You can buy the life insurance policy in your name and name your spouse, children, loved ones as your beneficiary. There needs to be an insurable interest for someone else to take out a policy on your life. They need to rely on you for some means of financial support. When you buy a life insurance policy there must be an insurable interest on the person being insured on the life insurance policy. Types of Insurable Interest for a Life Insurance Policy: Your Own Life - Every person has an unlimited insurable interest in his or her own life. The insured person can choose whoever they want to be the beneficiary who the proceeds are paid to upon the insured?s death of their life insurance policy. Parent and Child, Husband and Wife, Brother and Sister - All have insurable interest in each other, because of blood relation or marriage. Your creditors - All creditors may have an insurable interest in you if you owe them money. The creditor can be the beneficiary of your life insurance policy for the amount of any outstanding loan. Business relationships - May create an insurable interest. An employer may insure the life of an employee, and an employee may insure the life of an employer. Insurable interest must exist at the time the life insurance policy is purchased. However, for a life insurance policy, insurable interest is not required at the time of loss. Example: - A man may insure the life of the woman he is engaged to. If they marry and then are divorced, he can continue paying the premiums. If his ex - wife dies after the divorce, he would receive the death benefit. Review: All of the following may have life insurance beneficiary insurable interest status: Children of a parent, Parents of a child, Husband for a wife, Wife for a husband, Creditor for a debtor, Employer for an employee, and Employee for an employer. In order to purchase a life insurance policy, the person buying the policy must have an insurable interest in the person insured on the life insurance policy. I hope that helps you understand insurable interest and who can take out a life insurance policy on another person. If you want to compare quotes for life insurance, InsureMe has helped millions of people shop for insurance online since 1993. They give you up to five free quotes from top - rated insurers nationwide - insureme.com / landing. aspx?Refby=613403&Type=life
•Funny things happen in marriages. Sometimes they end in divorce. If you own your own policy and name your hubby as beneficiary and your hubby does the same. You have 2 kids. Then you get divorced and it is a bitter divorce See recent question by Ted M. What if he decides to stop paying the insurance premiums to be bitter or spiteful towards you? Would not you feel more comfortable if YOU owned the policy on him. That way YOU decide what happens to the insurance. Even if the divorce court requires him to buy insurance, there are many ex - spouses who do not keep up their requirements. Go talk to an agent and a financial planner
•You can get it for yourself or your spouse can get it. Either way your spouse is going to be the beneficiary. The main difference is if you get it yourself you are the holder, and if you for some reason, want to cancel the insurance, do not want your spouse to be the beneficiary, or want to add somebody to be the beneficiary, you can do it. If your spouse is the holder, you can not change anything or cancel. I would say, you should be the holder and make your spouse the beneficiary
•The word "suppose" doesn't really fit into the equation here. The whole aim of insurance is that your spouse gets taken care of in the event that you are not around to do so. So if you love your spouse, then you will likely buy one for yourself. Vice versa
•YEs, you can not get one on yourself, that would be legally strange. Have your wife getting one on your name and do tha same for her
•You get the policy on yourself, you pay the premiums and you name your spouse as the beneficiary. You do not need to have your spouse 'get it for you'. You can do all this yourself and take care of your spouse financially by naming the spouse as the beneficiary
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