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How do you buy a life insurance policy on your husband?

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The first step is to discuss the necessity of a life insurance policy with your husband. Make sure that you illustrate the importance of his income to your home and family, and how much his loss would hurt the family financially as well as emotionally. Look at the wide range of factors involved in life insurance policies, such as college tuition, paying off the home, and providing for the day-to-day care of the family's needs.

If you or your husband have access to group life insurance, it is probably cheaper and does not have as many qualifications as purchasing a policy directly from an independent agent. If this is not available, contact a local or internet-based insurance company and discuss your needs. When calculating the amount of a policy, be sure to include monthly and annual bills, cost of living expenses and any special items. Remember that everything will become more expensive over time, and plan your insurance to provide according to the projected increases.

You will have to show an insurable interest to take out a policy on your husband. A marriage certificate is suitable in most cases and the insurance company will ask for any other proof of insurable interest that may be required. You will also need to have your spouse's social security number and and provide medical and lifestyle answers. It is better if your husband applies for the policy himself, but this is not a requirement so long as the insurable interest clause is met. Even an ex-wife can own a life insurance policy on the former spouse if it can be shown that there is an insurable interest in him, such as minor children or other conditions of the divorce. For example, if you are divorced and he pays child support, a life insurance policy might include the amount of that support calculated up to the time when the children reach the local age of majority.

answered Mar 8, 2011 by anonymous
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