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In order to own and pay for life insurance a person must have what is known as an "insurable interest" (financial relationship). Courts have held that an ex-spouse receiving child support and alimony is an insurable interest. I can't buy insurance on you because your death would have no financial impact on me. If you were business partners, I could. If I was going to raise your son if you died, I could buy a policy on you.
These policies are expensive; and some states may not allow them. Lloyd's of London is one such insurance carrier. Petersen's International is one such coverholder in Valencia, CA.
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∙ 12y ago
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Can a friend put another friend your car insurance?
It would be a very foolish move to put a friend on your car insurance because if they have an accident you will have to pay any expenses. This also includes letting a friend use your car.
Can you put life insurance on your parents?
If they are elderly parents, Yes. But if you are under 40 you cannot put life insurance on your parents.
Which insurance companies offer online life insurance?
This is a very good question my friend. Some of the insurance companies that offer online life insurance are ING, AARP, Liberty Mutual and Prudential.
Can i buy term life insurance on myself and make a friend the beneficiary?
Yes you can.
Do you put cash value of life insurance on the balance sheet?
No.
Can i put life insurance on my parents beens they don't have any?
yes
Is Home Owners Insurance important. A friend recently told you you should buy Life Insurance because you are buying your first home Any advice?
Homeowners Insurance covers losses or damages related to your home. Maybe your Friend is recommending the life insurance policy in case you die before you pay off the house. Your family could then use the life insurance proceeds to pay off the balance of the mortgage on the house in the event you die.
If you are the beneficiary how could a friend claim the life insurance through probate?
Under normal circumstances the named beneficiary collects the proceeds from a life insurance policy without court intervention.
What is the difference between life insurance and death and burial insurance?
life will cover you for the long haul/ Death will cover the removal of the dead person and put it in the ground
Can you get your own insurance policy on a car that is not in your name?
Yes. You can put insurance on just about anything even if its not yours. Also that goes for life insurance as well.
How can a person be a beneficiary of a life insurance policy if the spouse of the deceased is still alive?
In rare cases, a person will make a close friend or relative the beneficiary of their life insurance policy instead of their spouse.
How old does the child have to be to put on the insurance?
You posted this in Life Insurance so the correct answer as it pertains to this category is that the child needs to be born.
