I am a single parent and I would like to know that my child will taken care of if her father passes away. He should leave her something, I already have a life insurance policy on myself. He does not have an insurance policy at this time. Can I take the life insurance policy out on him and just pay the monthly premiums?
2006-12-05 15:16:46 · 7 answers · asked by Anonymous in Business & Finance ➔ Insurance
Insurance companies require that you have an insurable interest before they will issue a policy. If the ex-boyfriend is the father of your child you should under those circumstances have insurable interest.
The ex-boyfriend will need to complete the application with a licensed agent and submit to any medical exams the company may require.
Under such a policy your ex-boyfriend would be considered the insured and you would be the owner and beneficiary.
There may be some variations depending on the state you live in but that should be how it works.
Hope this helps.
2006-12-05 16:48:11 · answer #1 · answered by Barry T 2 · 0⤊ 0⤋
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2016-05-05 23:58:53 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Without more information, it is hard to give a definite answer. The most direct way to make sure that you get a policy on the ex-boyfriend is to have it mandated by a judge. If he pays child-support, you could ask that he be required to buy and maintain a policy until the child reaches 18.
2006-12-06 12:30:41 · answer #3 · answered by Chris 1 · 0⤊ 0⤋
yes, you can. You would be the policy owner, he would be the insured person, YOU control the beneficiary. He would have to sign the application, release his medical records to the insurance company, and submit to blood/urine tests.
Contact a local agent (to you) to start the ball rolling.
2006-12-06 01:15:37 · answer #4 · answered by Anonymous 7 · 0⤊ 0⤋
You can buy life insurance on him, but he needs to agree to it. If he does not agree, you can have courts force him to obtain coverage as part of his obligations to your daughter.
Make sure you are the owner of any policy as the owner controls the policy, beneficiaries, and receives payment notices, etc..
2006-12-06 04:44:48 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes, you can get a policy, if he cooperates for the medical info etc. But hope he doesn't get off'ed suspiciously because you become prime suspect...
2006-12-05 15:19:12 · answer #6 · answered by Anonymous · 1⤊ 0⤋
You'd need his signature on the application.
2006-12-05 15:31:36 · answer #7 · answered by Judy 7 · 0⤊ 0⤋