LIFE INSURANCE POLICY - ON YOUR FRIENDIf you are someone's Friend - you probably have other things on your mind than thinking about getting a Life Insurance policy. However, maybe having financial responsibilities means you should still consider looking at the peace of mind Life Insurance or Critical Illness will do to help protect your situation. Life Insurance & Insurable InterestInsurable interest means - that you could be adversely affected financially if that person ( your friend ) 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 Friend ?Yes - but UK Insurance rules state there must be an insurable interest between friends to arrange a life insurance policy eg; have a joint mortgage. You don't have to be married to get a life insurance on someone. Can I get a Life Insurance on my Friend without them knowing ?No - both parties must consent to this arrangement ie; you cannot just apply on your friend's behalf without their knowledge. Can I put my Friend on my Life Insurance Policy ?As above - UK Insurance rules state there must be an insurable interest between yourself and friend to add them to your life insurance policy. They can always arrange a policy for themself. Can my Friend be my Life Insurance Beneficiary ?Yes they can - if you wish to. Either your friend can own your life insurance plan directly; classed as life of another [ see comments above re Insurable interest ]. Note if your relationship splits 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 Friend be my Trustee on my Life Insurance Policy ?Yes they can - if you wish to. If you put the policy into trust where your friend 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. 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 FRIEND - PRODUCTS REVIEWMORTGAGE PROTECTION - for my FriendDesigned to cover a repayment mortgage on death or critical illness as it decreases during the plan term. LIFE INSURANCE - for my FriendOffering 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 my FriendOffering family protection via an income if the policy holder dies or is diagnosed with a terminal illness during the term. CRITICAL ILLNESS INSURANCE - for my FriendHelps ease financial worries if you are diagnosed with a critical illness as specified by the Insurance Company. CHILDREN'S CRITICAL ILLNESS COVERHelps ease financial worries if your child is diagnosed with a critical illness as specified by the Insurance Company. INCOME PROTECTION - for my FriendProviding security by way of an income if you are off sick or have an accident.
Life Insurance Policy on a Friend - Review | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life Insurance
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