- 14,809
Any recourse for a wife who really wants her husband to be covered but he won't go for it?
Life Insurance Without Telling Them
- Thread starter fetam
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- life insurance
- 15,041
Two words... Sugar Daddy.
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This kind of reminds me of a client who was divorced a few years back. The wife owns her life policy and her husband is the payer. He has payed on it for years now, and she changed the beneficiary on it right after the divorce. He has no idea, and he'll never know...kind of funny.
Good luck applying for something like that as the insured would have to sign the app.
Good luck applying for something like that as the insured would have to sign the app.
samy786
New Member
- 7
dont think that would be possible hey, wouldnt he have to under go a medical?
- 14,809
But don't we hear stories of companies like Warlmart taking out policies that no one knows about?
- 16,876
All the funeral preneed insurance companies allow someone to purchase the policy on someone else as long as there is an insurable interest.
Kids buy them for their parents. Parents buy them for their kids. Spouses buy them for each other etc.
In most cases, if someone is buying it for someone else it's because the insured never would do it for themself and the person buying it is going to have to buy the funeral at the time of death unless they do the preplan. Many (probably 50% of the time) the insured is not aware of the purchase. The insured does not need to sign.
I'm sure it's legal since every company's forms have spaces for people to sign if they are planning for themself and a different place to sign if they are planning for other.
I don't know if other type of insurance COULD do this or if they just WON'T do this for business reasons. There really isn't a lot of people running around buying funerals for people they don't lfeel responsible for.
Kids buy them for their parents. Parents buy them for their kids. Spouses buy them for each other etc.
In most cases, if someone is buying it for someone else it's because the insured never would do it for themself and the person buying it is going to have to buy the funeral at the time of death unless they do the preplan. Many (probably 50% of the time) the insured is not aware of the purchase. The insured does not need to sign.
I'm sure it's legal since every company's forms have spaces for people to sign if they are planning for themself and a different place to sign if they are planning for other.
I don't know if other type of insurance COULD do this or if they just WON'T do this for business reasons. There really isn't a lot of people running around buying funerals for people they don't lfeel responsible for.
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That is good info.
I get asked for this some what often.
Thanks
I get asked for this some what often.
Thanks
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- 4,687
Lincoln Heritage and Sr. Life will allow someone to take a policy out on their spouse without the spouse's sig. Not available in NC and a couple other states that have state specific sig. requirements.
These policies are whole life, not term. I believe 10K is the max allowed.
Another good reason that maybe their premiums are a little high?
These policies are whole life, not term. I believe 10K is the max allowed.
Another good reason that maybe their premiums are a little high?
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