LIFE INSURANCE POLICY - FOR YOUR GIRLFRIEND
If you are someone's Girlfriend & not yet married - you probably have other things on your mind than thinking about getting a Life Insurance policy. However, maybe having loving responsibilities means you should still consider looking at the peace of mind Life Insurance or Critical Illness may do to help protect each other, a family if you have one or mortgage.
Life Insurance & Insurable Interest
Insurable interest means - that you could be adversely affected financially if that person ( your girlfriend ) who is insured died.
You cannot just purchase a life insurance policy on your new girlfriend who you have had for say 1 week for example - just because they unfortunately died, you would probably not be affected financially although maybe emotionally.
The reasoning behind insurable interest is so that the death of an insured person may not create personal financial gain for a policyholder.
Can I buy a Life Insurance Policy for my Girlfriend ?
Yes - but UK Insurance rules state there must be an insurable interest between a girlfriend & partner to arrange a life insurance policy. She can always arrange a single policy for herself. Also both parties must consent to this arrangement. You don't have to be married to get a life insurance on someone.
Can I get a Life Insurance on my Girlfriend without her knowing ?
No - both parties must consent to this arrangement ie; you cannot just apply on your girlfriends behalf without their knowledge.
Can I put my Girlfriend on my Life Insurance Policy ?
As above - UK Insurance rules state there must be an insurable interest between yourself and girlfriend to add her to your life insurance policy.
Can I get Life Insurance Policy for an Ex Girlfriend ?
Yes - But only if as mentioned there is still an insurable interest between each you & your ex girlfriend eg; you perhaps have children together or maybe a joint mortgage or loan. Note that your Ex Girlfriend could always arrange a single policy for themselves. If you are on speaking terms with your ex-Girlfriend they must consent to arranging the life insurance policy & with their full knowledge.
Can my Girlfriend be my Life Insurance Beneficiary ?
Yes she can - if you wish to. Either your Girlfriend can own your life insurance plan directly; classed as life of another [ see comments above re Insurable interest ]. Note if you split up though this can cause issues with the insurer having to undue this arrangement & may require additional legal costs by you seeking specialist advice. The alternative is to put the policy into trust where your Girlfriend is either one of or the sole beneficiary.
Can your Girlfriend be a Trustee on my Life Insurance Policy ?
Yes she can - if you wish to. If you put the policy into trust where your Girlfriend is either one of, or the sole beneficiary. Either she can be sole Trustee or have 2 Trustees ideally. Note again if you split up though this can cause issues with the insurer having to undue this arrangement & may require additional legal costs by you seeking specialist advice.
Being an unmarried couple, in a relationship or common law marriage means as a Girlfriend you may not appreciate the legal implications for Insurance. Likewise the various challenges that may come looking after loved ones if they are critically ill or die; Let trying to get life insurance hopefully not be another great challenge. Either way please approach us for friendly Professional Help.
LIFE INSURANCE POLICY FOR A GIRLFRIEND - PRODUCTS REVIEW
MORTGAGE PROTECTION - for Girlfriends
Designed to cover a repayment mortgage on death or critical illness as it decreases during the plan term.
LIFE INSURANCE - for Girlfriends
Offering a family protection lump sum if the policy holder dies or is diagnosed with a terminal illness during the term or whole lifecover. Policies can be made joint or seperate.
FAMILY INCOME BENEFIT INSURANCE - for Girlfriends
CRITICAL ILLNESS INSURANCE - for Girlfriends
Helps ease financial worries if you are diagnosed with a critical illness as specified by the Insurance Company.
CHILDREN'S CRITICAL ILLNESS COVER
Helps ease financial worries if your child is diagnosed with a critical illness as specified by the Insurance Company.
INCOME PROTECTION - for Girlfriends
Providing security by way of an income if you are off sick or have an accident.