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Ronin * | Must my Life Policy beneficiary have an insurable interest? |
I am confused, some people say yes some no. I understand it this way, correct me if I am wrong:
If I buy a policy on my own life, I become the owner of the policy. As the owner, I can name anyone as beneficiary... even a stranger! But only someone who has an "insurable interest" can purchase an insurance policy on my life.
Conclusion:
I buy the policy I choose the beneficiary, if someone buys a policy on my life, they have to have an insurable interest.
Is this correct? |
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Financial JUSTICE
 |
Yes you can name anyone as a beneficiary. Some people even named their pets as a beneficiary, though some companies have put an end to that and a beneficiary had to be a person.
I think you are confused by what "insurable interest" is referring to. Insurable interest is where you are the person being insured and someone else is the policy owner. There has to be a relationship between you and the policy owner. What affect will you have on this person if you were died?
Hope that helps. |
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Modus Operandi
|
You are correct. However there is the caveat that you can consent to a stranger buying a policy on you. Not many companies write this kind of business, but it has existed in the past. Secondly you could buy a long-term policy and have it become a moot point as you've paid off your mortgage or put the kids through college or whatever. If you wanted you could sell your policy to an investor who would pay premiums and wait for you to die to collect. The current market is trending towards life insurance being an asset and therefore having a market and trading life policies like they were stocks. |
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Brian I
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yes, you need to have an insurable interest to purchase a policy. It keeps you from buying a policy on a stranger, or a stranger buying one on you. |
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Barry auh2o
 |
Correct. yiou can buy a policy with anybody as beneficiary.
But only someone with an insuranve interest in you can buy a policy on you.
For example, your son takes out a policy on you, to cover biurial expenses. he has an insurable interst, as he mdoes not want to have to pay for your funeral expewnses out of his own pocket.
Your neighbor cannot but a policy on your life, as he has no insurablle inetrest in you.
Should you die, he is out nothing. |
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pyoungs24
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It is true that at the time of purchase the owner of the policy has to have an insurable interest in the insured. However, after the policy is in place you can change the owner to anyone, even a complete stranger. Look at viatical settlement companies, they used to do this and profit from it.
Good luck!
http://www.ramblingsfinancial.blogspot.com/ |
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aaron p
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At the time that the policy is issued, the beneficiary, owner, and insured must all make sense or an underwriter will not sign off on it. After issue, the owner can do anything they want to with the policy including change beneficiary or transfer ownership. The insured cannot change.
The idea is that once the policy is written, an owner will not make a change that is not in their best interest.
Yes, I have had owners name a beneficiary on a policy without the beneficiary's knowledge of who the insured is. In almost all cases, the insured needs to give the owner permission to take out a policy. The one exception to that is if an owner can show insurable interest through a contract or court order (most companies will not do it even then without the insured's permission).
Let me know if you want to know more or have a specific question through Y!A. |
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