LIFE INSURANCE POLICY - FOR YOUR BOYFRIEND
If you are someone's Boyfriend & not yet married - you probably have other things on your mind than thinking about getting a Life Insurance policy on a boyfriend. However, maybe having loving responsibilities means you should still consider looking at the peace of mind Life Insurance or Critical Illness will 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 Boyfriend ) who is insured died.
The reasoning behind insurable interest is so that the death of an insured person may not create personal financial gain ( than loss ) for a policyholder.
Can I buy a Life Insurance Policy for my Boyfriend ?
Yes - but UK Insurance rules state there must be an insurable interest between a boyfriend & girlfriend to arrange a life insurance policy. You don't have to be married to get a life insurance on someone.
Can I get a Life Insurance on my Boyfriend without him knowing ?
No - both parties must consent to this arrangement ie; you cannot just apply on your boyfriends behalf without their knowledge.
Can I put my Boyfriend on my Life Insurance Policy ?
As above - UK Insurance rules state there must be an insurable interest between yourself and boyfriend to add him to your life insurance policy. He can always arrange a policy for himself.
Can I get Life Insurance Policy for an Ex Boyfriend ?
Yes - But only as mentioned if there is still an insurable interest between you & your ex-boyfriend eg; you perhaps have children together, maybe a joint mortgage or loan. Note that your Ex Boyfriend could always arrange a policy for themselves. If you are still on good terms with your ex-boyfriend they must consent to arranging the life insurance policy & with their full knowledge.
Can my Boyfriend be my Life Insurance Beneficiary ?
Yes he can - if you wish to. Either your Boyfriend 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 Boyfriend is either one of or the sole beneficiary.
Can a Boyfriend be my Trustee on my Life Insurance Policy ?
Yes he can - if you wish to. If you put the policy into trust where your Boyfriend is either one of, or the sole beneficiary. Either he 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 Boyfriend 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 BOYFRIEND'S - PRODUCTS REVIEW
MORTGAGE PROTECTION - for Boyfriends
Designed to cover a repayment mortgage on death or critical illness as it decreases during the plan term.
LIFE INSURANCE - for Boyfriends
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 Boyfriends
CRITICAL ILLNESS INSURANCE - for Boyfriends
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 Boyfriends
Providing security by way of an income if you are off sick or have an accident.