Many people are opting not to get married. Weddings can be expensive and the cost of divorce and litigation can be costly if things do not work out. If you have decided to live with your partner and perhaps raise a family, but do not plan on getting married anytime in the near future or ever, you may be wondering if you can take a life insurance policy out on your partner even though you are not married. Here is some information that Stonewall Grace Insurance, serving the greater Buena Vista, VA area, thinks you should know about this topic.
Proving an Insurable Interest
If you are looking to take out a life insurance policy on anyone, you need to be able to prove that you have an insurable interest in the person. If you have kids that you support together, it is easy to prove an insurable interest. If your partner makes more than you and you rely on their money to pay the bills, you have an insurable interest. It starts to get more challenging to prove an insurable interest if you keep your money separate and are not dependent on your partner to pay living expenses or to care for children. A great insurance company can help you determine if you have an insurable interest in the other party, and if not, what changes you can make, such as setting up joint bank accounts and paying bills together, to establish this insurable interest.
If you are looking to take out a new life insurance policy on your partner, we can help. Stonewall Grace Insurance, serving the greater Buena Vista, VA area, can help you determine the right policy limits and which life insurance is best for you based on your needs and budget. Call us today to set up an appointment to sit down and review your needs and put together a policy.