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ricks | Who should pay for your life insurance? |
I have heard both sides of this argument & I can kind of see both sides of it. What is your opinion?
1. you should own & pay for your life insurance policy for your spouse. Because you want to provide for the family some funds after your death & feel it is your resopnsibility to do so.
2. your spouse should own & pay for it. Because they are the ones benefiting from it. If they want to be taken care of, they should be the one to take the steps to do so. You would be willing to take all medical exams & what ever is needed to get it done, but they need to initiate & get it.
Additional Details
Culture Warrior is the only one that has even answered the question, so far. Saying 'everyone should contribute', is not really an answer to the specifics of the question.
I know that most couples (me included) tend to co-mingle funds, but if you want insurance on your spouse, should you get it or should s/he? There are many people who for 1 reason or another dont mix $.
I personally, have mine & pay for mine out of our joint account. I initiated it. I know of some, that think 'if s/he wants it, they need to get it on me'. |
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Doing the Right Thing
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It should be the one being insured who should pay for the life insurance. The one who pays is the policy owner. Policy owners has the power to change the beneficiary, change the policy, and has decision on what to do with the cash value.
If a 3rd party is involved to pay the life insurance, the 3rd party must have an insurable interest on the insured. Insurable interest means you will lose something of value if the insured person dies. This could be financial support, love, debt repayment and so on. The insured must also give consent to have coverage on him/her.
As for the question on who should get life insurance? Whoever is working should get life insurance. Usually both husband and wife are working, so they both should get life insurance. I wouldn't sell separate policies because of the cost to maintain each policy. Instead, I will sell a single policy with a spouse rider and maybe a child rider. Even if the primary insure (the husband) dies, the policy will still be enforced since the spouse is still alive. |
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mbrcatz
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Sorry, I"m the "and the two shall be as one" school of marriage and money. That means, the policy is owned by the insured, but paid for by "our money". I do NOT believe in seperate accounts for married folks - I just don't think that's emotionally healthy.
So, if you INSIST on having seperate accounts (stray thought, does that increase your chances of a divorce?) I STILL think that the policy owner of an insured, competent adult, should be the insured person. Because that's the person who can make changes, including beneficiary changes, to the policy. What if you get divorced & remarried? Then you kick off, and your ex wife gets all the money, because she owned the policy and kept paying it (btw, policy owner should pay all premiums).
So, the policy owner, who controls the beneficiary clause, needs to pay the premium. And the insured should be the policy owner, because you never know what's going to happen with your spouse in the future - maybe they'll kick off, and their cousin Louie will be their executor, then Louie could change your beneficiary clause to HIM!!
JMHO. |
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sandip j
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Simple, The person who will take the policy, he has to pay the premium |
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Culture Warrior
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Part of being a responsible adult is ensuring that your children and spouse are taken care of after you are gone.
I pay for my own insurance becasue I think it is the right thing to do.
It's different in a business partnership. I would pay for insurance on my business partner's life in the event of his death, it would cover the buy out for his estate.
There is a saying "Life insurance is not for the people who die. It's for the people who live" |
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aoifeb2000
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My personal opinion is that the insured and the owner should be one person...Who actually pays for it can be someone else entirely...There can be up to 4 different people (OK, more if you have multiple beneficiaries, but...) on a policy: the payor, the owner, the insured, and the beneficiary...Often, the insured is also the payor and the owner, but not always...Some have the spouse as beneficiary and owner...The important issue with this is that the owner has the power to change the beneficiary, the insured does not, and neither does the payor...
It seems like your question is not quite a technical insurance question, but more a financial question; how to divide the funds and financial responsibility within a marriage... |
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NHMike
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Does it really matter?, or is there an underlying question or concern that you are trying to get answered?
Unless you are already wealthy, the purpose of life insurance is to create or protect an estate. (i.e. provide for the survivors or replace the value of the estate lost to 'death' taxes)
If you are anal enough to attempt to keep all income and expenses completely separate from your spouse, then by all means have each person pay for their own policy, just don't be surprised who the beneficiary turns out to be.
Any time of financial planning should be performed in conjunction with your spouse since it benefit both parties. If not, then why in the world are you together? |
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the_great_flagon
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i think both people should contribute money towards it depending on each one's financial status. |
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iraq51
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Both spouses should have a life insurance policy to help cover all the costs and continue the life style of the surviving spouse and children (if any). Therefore both should contribute. Marriage is difficult enough without fighting over life insurance payments. |
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priya
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the person who are taking the policy has to pay |
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Aly G
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Your life, your life insurance policy, your money. - If single.
If married, it should be something that's paid for together. Cos like, what if you have kids or whatever, and both of you are killed in a freak car accident or something? Wouldn't the both of you want to know that both of your children will be financially stable? |
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