The Long Read
Everything you *need to know* is right above this. Scroll down, only if you'd still like to read more (honestly, why?)
Yes, if you can prove your insurable interest in them aka you need to be able to prove that their untimely death can cause you financial trouble.
For example: You can buy term insurance for a parent, spouse or your business partner. But not for a random acquaintance because the latter will not be able to prove their insurable interest in you in the absence of a blood or legal relation.
Nope, sorry. You can’t. To be able to do that, you must prove that you are financially dependent on them aka you need to be able to prove your insurable interest in them to your insurer.
It’s extremely difficult to do because there’s no legal relationship like marriage or business partnership.
You can’t even buy it as a surprise because they need to know and be involved in the entire process.
Technically yes, but practically no, because it’s difficult to prove “insurable interest”. You need to be able to prove that you’ll suffer from financial trouble if your partner dies, which is difficult to prove in the absence of a legal co ntract like marriage.
Even if your partner can’t make you the term insurance nominee, they can however make a Will and clearly mention your right to receive the life cover in it if they pass away, as Will overrides a term insurance nomination. Know more about insurance nominee vs will.
No, you can’t. Due to the absence of a legal relationship, it will be difficult to prove insurable interest.
Instead here’s what you can do:
● Wait till you get married and then buy a term plan for your spouse
● Convince them to buy it for themselves now and add a family member as the nominee. After you’re married, they can find out how to change the nominee in term insurance.
Simple! You can buy term insurance for anyone you can prove you have an insurable interest in i.e. their untimely death will cause you financial distress.
So you can buy a term plan for:
Remember, they have to be in the know and involved in the entire process.