Do you have to be married to be the beneficiary on a life insurance policy?
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8 Responses
1.31.2010
Best Answer – Chosen by Voters Spouse is usually automatic, but anybody can be the beneficiary on a life insurance product. Once you get outside of the spouse relationship you will have to prove to the insurance company that the beneficiary has an "insurable interest" in the insured. In other words they want to make sure that the beneficiary will be negatively affected financially if the insured dies so that there is a legitimate reason for the insurance versus just a big fat windfall. Source(s): My blog: http://gardenstatelifeinsurance.blogspot…
1.31.2010
No, you do not need to be married to be the beneficiary on a life insurance policy. So if your boyfriend/girlfriend wanted to put you down as the beneficiary, that is acceptable. Only caveat to that is if they are married already – then no, you will not receive the insurance prior to the spouse receiving it. Unless they also have a pre-nup and will that excludes the spouse, or the spouse has waived their rights to that policy.
1.31.2010
No. The insured has the right to name anyone as beneficiary. Some companies, however, require the beneficiary be someone with an insurable interest (someone who would suffer finacially at the insureds death). In GA, the insured can change the beneficiary once the policy is issued to anyone they wish. Source(s): 30 years insurance experience
1.31.2010
No. Although initially, when the policy is taken out, the insurance company might want to know what the "insurable interest" is, of the beneficiary, once the policy is in effect, the beneficiary can be changed at any time. I've never seen an insurance company question a change of beneficiary. You can list anyone you want. Your babysitter, the local librarian, your pastor at church, your favorite yahoo answerer . . . Source(s): agent, 21+ years
1.31.2010
There are rules as "Ice" stated. It is important to know that you cannot take out a policy on the life of someone in whom you do not have an "insurable interest." Extreme example: if you have a neighbor to whom you have no relationship either by personal interdependence or a business partnership then you cannot decide to buy a policy on the life of the neighbor. That is looked upon as a "bet" on the neighbor's life expectancy and is against the public policy of all states with which I am familiar.
1.31.2010
There are no rules. You can name any beneficiary you like.
1.31.2010
No but it helps.
1.31.2010
No, it can be anyone.