Can I Get Life Insurance on My Boyfriend?

Life insurance is one of the taboo subjects of the insurance world. No one wants to consider the day they will exit this world or the circumstances surrounding it. However, if you are prudent, it is one subject you need to address now rather than later. If you are ready now and are in a family situation or perhaps a domestic partnership, you may have questions. Questions like, can you get a life insurance policy on your boyfriend?

The answer to this question would depend on a few factors. Below, we will address those concerns and answer other questions you may have. With my twelve years of life insurance experience, I plan to guide you through your insurance options and help you to understand which is best for you.

If you are in need of life insurance on your boyfriend or domestic partner, you need a plan. Life insurance is not as expensive as one may think. More than 50 percent of Americans overestimate the cost of insurance, sometimes by 300%. This may be why the level of those insured has fallen from 52% to 50% from 2021 to 2022.

The insurance company will look for:

• the agreement of the insured,

• Insurable interest,
• and the chances of default.

If everything is in line, then you can purchase a life insurance policy on your boyfriend.

The first thing you will always need is your boyfriend’s agreement. Without that, you cannot begin the process. It is illegal to apply for insurance for him without his consent.

Next, the insurance company will look for the reason for writing the policy. Shared property and other obligations are common.

Finally, is there a reason for the company to believe you or your boyfriend would default on these obligations?

Once these are determined and all is deemed acceptable, you can get life insurance on your boyfriend.

What You Need in Order to Buy Life Insurance for Your Boyfriend?

Purchasing any type of insurance for another individual takes a lot more than a phone call and providing a name and personal information. Even if you have detailed information like social security number and banking information, it often takes the involvement of the party you are taking the policy out on, your boyfriend’s involvement is crucial for the policy to be legal.

1. First things first, you need their permission. If you fail to get their permission, it is illegal and could be considered insurance fraud.
2. Next, you need a plan. Why are you purchasing life insurance? What type of policy will you be purchasing? What is in your budget?
3. Finally, know your options. Is there another method to obtain life insurance? Are there options through an employer?

This does not only apply to a boyfriend. It can be any significant other or domestic partner.

Here is a piece of knowledge about life insurance, life expectancy. Life expectancy varies from male to female. It is true that women tend to live longer than men. A 20-year-old male has a 54 percent life expectancy, a female of the same age range, has a 58.9 percent life expectancy. Double that age, a male in his 40s has a 40.7 percent rate while a female has a 45.5 percent life expectancy rate. As you can imagine, these rates do impact the cost of life insurance.

Life Insurance Rates for your Boyfriend

Here is where the rubber meets the road. We ran our rate at a 20-year term for $250,000. As you can see, as your boyfriend ages, the cost of life insurance increases.

How to Buy Life Insurance for Your Partner

Just as if you were purchasing an auto insurance policy or homeowners insurance, there is a process to follow.

Of course, you want to find the right insurance company that will meet your and your partner’s needs. Some companies are stricter with their underwriting process. This is why it is always important to have them involved in the process from the get-go. Answering these questions will determine your insurance rate, and wrong answers, even inadvertently, could constitute insurance fraud.

Once you and your partner have found the right insurance company, you begin here. Then you need to determine what type of insurance is best. There are two basic options, Term Insurance, and Permanent insurance. Here is a basic explanation of each.

Two basic choices:

Term – This type of insurance is temporary. It is sold in increments of time. 1, 5, 10, and 30 are common. The policyholder pays their monthly premium, and payout only occurs if the insured dies within the policy period. Once the policy expires, coverage stops. There are two types of term policies, level term, where the death benefit and premium stays the same throughout the policy life, and decreasing term, where you begin with a higher death benefit, but each cycle, it decreases.

Permanent – This type of insurance is the same as term, except it covers the insured for life as long as they pay their premium. There are several different types of Permanent Insurance. Some just pay the face value, others build cash value, and others carry more risk, like Universal Life, which can change daily depending on the stock market.

When You Wouldn’t Be Able to Buy Life Insurance for Your Partner

Just as you can purchase a life insurance policy for your boyfriend, there are certain qualifications to do so. These are some reasons why your application for life insurance on your boyfriend may be denied.

•       You filled it out without consent – The insured party must know about the application. To do it behind their back is illegal.
•       You cannot prove insurable interest – One qualification for being able to apply for a life insurance policy is having ‘insurable interest.’ If their death does not cause a measurable financial strain, then your policy can be denied. This needs to be documented and not just hearsay.
•       You live separately – Without having a married relationship, insurance companies require proof there is a reason to approve the application. This is another level of ‘insurable interest.’
•       They won’t consent to the medical exam. – Most life insurance policies require a medical exam. To refuse one could either result in a rated policy or denial of the application.

Should You Get Life Insurance for Your Boyfriend?

There are times when it can become necessary to purchase a life insurance policy for your boyfriend. All family situations are unique, and we want to ensure that you and your partner are protected from life’s mishaps. Here are a few scenarios where life insurance can become necessary.

• You have purchased a vehicle or home together. His job income loss would leave you with the note and insurance payments.
• You have a child together. He is the breadwinner while you stay home to take care of the child(ren). His passing would temporarily leave you without a source of income.
• You need to manage living expenses. This goes beyond rent and insurance. You need to pay bills and to provide for daily essentials.
• Final expenses. If your boyfriend does not have family that can assist, you may be responsible for paying funeral and burial costs.

Naming Your Boyfriend as a Beneficiary May be an Easier Method

Instead of having a significant other apply for a policy on you, it may be an easier process to purchase a life insurance policy on yourself and name your boyfriend as the beneficiary. Let’s take a look at how it breaks down.

When you Purchase the Life Insurance Policy on Yourself

When Your Significant Other Purchases Life Insurance on You

Another legal action you could take is to name your estate as your beneficiary to your life insurance policy. Then you can have your will state you wish your significant other to be the beneficiary. Just keep in mind of the delay in release of those death benefits due to probate.

Buying Life Insurance When You’re Engaged

Since insurance companies look upon the stability level of the applicant, it does benefit a couple if they have a higher level of commitment. If waiting until you are married is too long, being engaged carries more stability than the title of boyfriend. Having a date set may help even more.

As we spoke of earlier, the same address is crucial to application approval. As are mutual assets to show insurable interest. Finally, other assets you begin to bring together, like vehicle, home, and insurance, all of these give you more chances of getting approved for your life insurance policy.

A study revealed 34 percent of those aged 18 to 24 own life insurance. Gen X, born between 1965 and 1980, are more likely to have life insurance, and those born between 1996 and 2010, or Gen Z, are most likely to have life insurance.