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Six Top Tips On Getting Life Insurance On Your Significant Other (such as a domestic partner, fiance, boyfriend, or girlfriend)
NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation. Enjoy!
Today’s Topic Overview:
- Why Get Life Insurance On Your Significant Other
- Six Top Tips You Need To Know When Getting Life Insurance Coverage
- The Importance Of Having An Insurable Interest When Applying For Life Insurance On A Significant Other
- Avoiding These Situations To Prevent Getting Declined
- Different Types Of Policies And The Likelihood Of You Qualifying For Significant Others
- Term Life Insurance Coverage
- Permanent Life Insurance
- Simplified Issue Product Plans
- Next Steps
Why get a life insurance on your significant other?
I will be talking about the six top tips that you need to know when getting life insurance coverage. We will discuss the following subjects in depth. Make sure that you take plenty of notes.
My promise to you is that by the end of this article you’ll know exactly what your options are. You’ll know the steps to take in order to get quality life insurance on your significant other.
Six top tips you need to know when getting life insurance coverage
We will go through the six tips in the following order.
- The importance of having an insurable interest.
- Avoiding particular situations that get you declined.
- Self-insuring that your significant other has a beneficiary and vice versa.
- The importance of insuring your fiancé.
- Attaining domestic partnership status and helping insurability.
- The types of life insurance available to significant others.
Insurable interest designates the importance of the relationship of the person to the insured.
Why is it important to insure that particular individual? For anybody to take insurance out on an individual there must be a compelling reason to do so.
Let me give you a couple of scenarios. One would have an insurable interest and the other would not. I will explain the differences. Then we’ll talk about how this applies to buying life insurance on a significant other.
Scenario 1: Imagine that you are looking for life insurance on your business partner
Both of you own a business together. His job is to meet with customers, your job is to create the product. You would agree that the death of either one of you would have a major impact on the ability of your business to thrive.
It could have a significant impact on your ability to continue sales volume and growth as it was.
Getting life insurance on your business partner and vice versa is a perfect example of an insurable interest. The interest is in the fact that the death of one of them would immediately cause adverse impact on the other and to the business.
Now let’s talk about not having an insurable interest.
Scenario 2: You are interested in getting life insurance on a celebrity
This person is in good shape and healthy, but you want to profit upon their passing. Can you get life insurance on a celebrity that you are not related to? The answer to this question is 100% NO.
Why? Because if the celebrity dies, it has no immediate impact on your economic ability. There’s no economic loss. The celebrity has no relation to you. You don’t have any working relationship.
There are stories about the early advents of life insurance. There were instances of ‘stranger owned‘ life insurance. People insured famous and wealthy people and suddenly, those people end up dead.
The stranger who insured the person would get massive proceeds from their death. As you can see, life insurance could get a little bit hazardous if were to operate that way!
How does this relate to getting life insurance on a significant other?
The goal is to figure out whether or not you can insure a significant other. It depends on if you can prove that there is some sort of insurable interest in the relationship between you and your significant other.
This may sound silly, so let’s give some examples of where an insurable interest lies. Where you can rest assured that insuring one or the other would be more likely than not to happen.
Joint investment ownership. You and your significant other own a home together, you’re partners in business, or you have some sort of joint asset. This would be considered an insurable interest. It will allow you to take out some sort of life insurance on your significant other.
Debts. You are both co-signers on an investment or an asset ownership; a mortgage, car loan, or any financial obligation. This constitutes an insurable interest for both parties. You are motivated to cover each other in case of death in order to make sure those debts don’t pass on to the survivor.
The kids are a great insurable interest. They prove a family or relationship dynamic. That in turn proves an insurable interest.
You and your significant other have a legal obligation together in the form of a lease. This could prove to be an insurable interest.
We here at Buy Life Insurance for Burial are dedicated to helping individuals get quality, first day coverage in place. If you would like to receive a free quote, give us a call at (888) 626-0439. You can speak to an expert in the field who can assist you with any questions.
You can also submit a message to the left-hand side of the screen and we will reach out to you within the next 24 business hours.
Case study examples
Diabetes Concern and Promotion at Work
A young woman reached out to me recently because her boyfriend had gotten a promotion at work. She was concerned that with the increase in income there would also come an increase in financial obligations. She wanted to find out how much term life insurance would cost for her boyfriend and I was happy to oblige.
The only issue I saw with the application was that her boyfriend had type I diabetes. He was taking up to 100 units of insulin a day to manage his sugar levels, but was in otherwise good health.
Thankfully we have a number of providers that work with diabetic applicants. I was able to get an affordable premium with great coverage and the young lady was very happy with the result.
Though every case is different and nothing is guaranteed, we do our best to find quality coverage for everyone that gets in touch with us. Because we are brokers we can shop a variety of providers to find coverage that meets your particular needs and in most cases we can insure most clients that contact us.
Boyfriend Bought a House
A middle aged woman called us a few years back looking to get a quote for her boyfriend. He had recently purchased a new home and she was living with him.
This client was particularly concerned about the fact that her boyfriend didn’t have life insurance, and she wondered what would happen if he passed away unexpectedly and she was required to continue to make mortgage payments on the house – something she was not in a position to do.
She was also worried about her boyfriend qualifying for affordable coverage since he had a weight problem. He was in otherwise good health, but she had heard that weight could afford an application.
I was able to put her concerns to rest by shopping a number of providers that work with clients who are overweight. We were able to get her quality, affordable coverage for her boyfriend and she was able to have peace of mind in knowing they wouldn’t have to lose the house should he die unexpectedly.
Though we can’t guarantee the same outcome for every client, we do our best to provide coverage that is affordable to every individual that contacts us. We understand the importance of life insurance and want to see you get the coverage you deserve.
Top 5 reasons people purchase life insurance online
1.You are in control
Now that you have Google at your fingertips, researching and buying life insurance online couldn’t be simpler. Technology allows consumers to find a company they life, get free quotes, and do background checks all from the comfort of their own home at a time that is convenient for them.
2.No salespeople in your house
Back in the day the only way to buy life insurance was to have a representative visit with you in your home. This was an unsatisfactory experience for many, as salespeople can be pushy and have limited compassion for their clients needs.
While you still need an agent in many circumstances to help answer questions regarding applying for life insurance, nowadays much of the work can be done over the phone or via the internet.
3.Take time to make a decision
When you purchase life insurance online you are not only in control of who you decide to buy life insurance from, you also can control when you make the decision to buy. There are no pushy salesmen standing in front of you insisting you make a decision in the next 5 minutes. This removes a lot of stress associated with buying from a broker.
4.Do your own background check
It’s easy to do your own background checks online. Simply check to see if the company has a reputable website and social media presence.
Do they have YouTube videos? A Facebook page? What are others saying about their experience with a particular company? All of this information can be found online.
5.More comfortable process
Ultimately doing business online creates a more stress free environment for you to make a decision about your purchase. You can go at your own pace, do your research, and feel confident about the final decision you make.
Avoiding these situations to prevent getting declined
There are circumstances where getting life insurance on significant others may prove detrimental. This may cause you to be declined. Let’s talk about a couple of those circumstances so you can better prepare yourselves and the application process.
Scenario 1: Living separately
Living separately will cause insurable interest concerns. Underwriters will question the necessity of you buying life insurance. So when you’re applying for life insurance, don’t live apart. Live together. That will prove that there is some level of insurable interest for both of you.
Scenario 2: You haven’t been together for any length of time
Self-Insure That Your Significant Other Has A Beneficiary And Vice Versa
Instead of trying to take life insurance out on somebody else, take life insurance out on each other. In return, name each other as the beneficiary on each policy. This accomplishes the same goal.
Our friendly representatives would be happy to provide you with more information and let you know what you might qualify for. It only takes 10 minutes or less and you don’t have to worry about any pressure to buy from us.
Insuring Fiancés Is Normally Okay
I’ve sold life insurance since 2011. I’ve come across all sorts of individuals who were engaged to be married at a future point. I haven’t had one opportunity where getting life insurance on an engaged couple or a fiancé proved impossible.
Attaining Registered Domestic Partnership Status
Let’s say that you do not intend to get married at any point in the future for whatever reason. However, you recognize that both of you are significant others. You love each other and you are committed on a long-term basis.
One strategy to get life insurance out on each other is to attain domestic partnership status. The availability of domestic partnership status varies from state to state. You may want to consider looking into it depending on where you live.
Stories from the field
I think it’s important to convey how much of a difference quality life insurance can make in the lives of individuals who are counting on it. Here’s a true story I always tell my clients to convey this message:
My dad, who used to work in the insurance business, gave me a referral a few years ago for a gentleman named Mr. Jones who was a retired school teacher.
Mr. Jones was 84 years old and surprisingly had recently gotten married. He had a life insurance policy in place, but my dad explained Mr. Jones was concerned about getting more coverage on the books because of his spouse, who he wanted to ensure would be cared for when he passed away.
I made the trip to Mr. Jones’ home in Albany, Georgia to speak with him in person about his life insurance options. He was very pleased that we were able to get more affordable, first day coverage on the books for him, despite his health history which included a recent stroke.
This was great because Mr. Jones, like myself, was well aware that there were life insurance companies out there, such as those that advertise on TV or that you see every other day in the mail, that offered what seemed to be great life insurance.
The only catch was that you typically didn’t qualify for coverage until a 2 to 3 year period had passed, which was not a risk Mr. Jones was willing to take.
Needless to say, Mr. Jones was enthralled that he was able to qualify for first day, full coverage despite his health history. It was also a relief to his wife and gave them both the peace of mind they were searching for.
A few months later I got the sad news that Mr. Jones had passed away from heart failure. He had no way of knowing that his time would be so short, but thankfully he had gotten his life insurance taken care of and had ensured he had first day coverage in place.
I’m happy to report that my life insurance company paid the entire balance of his death claim, giving his surviving wife financial stability to continue her quality of life. This would not have been the outcome had Mr. Jones decided to go with one of the TV or mail life insurance companies.
This is not the only time I have seen the importance of first day coverage, but certainly one that has stuck with me. We never know when our time might come. That’s why it’s so important to get quality, first day coverage in place to protect those we love when we are gone.
We don’t want to see individuals duped into believing a 2 to 3 year wait for coverage is okay. In cases like Mr. Jones, first day coverage is vital to receiving a payout. That’s why we work hard to get first day coverage for all of our clients.
Term Life Insurance
Term life insurance is the most common way to insure individuals as well as significant others. It usually lasts between 10 and 30 years. With the level of premiums, it’s the cheapest form of life insurance relative to other options. There’s no cash value components or any sort of elements to it.
Term life coverage is the most commonly used for temporary situations. It covers income replacement if one passes away earlier in life than expected. It pays down financial obligations like mortgages and funds retirement plans.
Term Life Insurance Coverage – 10 Year Term – $100,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $250,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $500,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $1,000,000 in Coverage
The percentage of getting approved for one of these term insurance plans is high as long as you meet the requirements mentioned earlier regarding domestic partnership status and proving insurable interest.
Permanent Life Insurance
Permanent life insurance may come in whole life or universal life. This insurance coverage is designed never to cancel. Typically it does not have rate increases.
Permanent plans are designed to cover permanent problems. Specifically, if you have a financial problem issue that must be covered when you die, a permanent plan may make more sense.
Most commonly, permanent life insurance plans such as whole life are used to fund final expenses. Expenses such as burials and cremations because we don’t know when we’re going to die.
Universal life plans are great as supplementals for retirement plans. A guaranteed universal life plan is designed to make a payout upon death. It’s usually more than the traditional whole life insurance plan.
The likelihood of qualifying for a permanent type plan is equivalent to what you would find with term life insurance. As long as you can match all the requirements mentioned earlier, the likelihood is fairly high that you’d be able to get the coverage and then get it approved.
Rates For $10,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
$150,000 Whole Life Insurance, Life Pay
$250,000 Whole Life Insurance, Life Pay
Simplified Issue Product Plans
What are simplified issue products? Simplified issue whole life insurance grants a little bit more leeway than one would normally see with more fully integrated types of products (such as term or underwritten permanent products).
Do you have difficulty applying for life insurance on your significant other? You may want to take a second look at a simplified issue whole life insurance. Especially if all you’re looking for is a smaller policy to cover for final expenses.
That’s something that we can help you here at Buy Life Insurance For Burial. If you’re interested in qualifying for life insurance, visit my website. You can go to buylifeinsuranceforburial.com and grab a free quote.
I hope you have found this article useful in your search for quality life insurance for your boyfriend.