My question is, im dating this guy and he is married but the

Posted: Mon May 24, 2010 09:12 am Post Subject:

Hi..I don't think there's any problem with that. You might take a policy on him with his permission. He could always nominate you as the beneficiary.

Posted: Mon May 24, 2010 08:39 pm Post Subject:

Does anyone else think this sounds, well, kind of fishy? What's this "married for health reasons" thing? Makes no sense...could you elaborate?

Why doesn't he just buy a policy and name you as the beneficiary?

InsTeacher 8)

Posted: Mon May 24, 2010 10:47 pm Post Subject:

Here's my guess...boyfriend has a chronic (perhaps ultimately life threatening) illness...he either has no job, or his job does not provide 'good' health insurance. So he marries his gay friend, who does have a good job with good coverage, (we'll hope he at least pays the premium-apparently his 'wife's partner doesn't need her health coverage)...so they are commiting some health insurance fraud, big whoop :roll: ...he doesn't feel he has any 'financial' obligation to his 'wife', apparently, but wants his new girl friend, and her kids to get some money (life insurance) when he dies...so he's told her to take out a policy on him...hmmmmmmmmm, wonder why he wouldn't take it out himself? no money maybe.

So the OP wants to know how to take out a life insurance policy that will pay her when he dies...and not his wife...man, I sure wouldn't get the life policy with the same carrier that has the health coverage :roll:

And yes, I think it smells too... :wink: A LOT!

Posted: Wed May 26, 2010 02:14 am Post Subject:

There's a lot of odd things going on here, but to answer the original question, yes this is entirely doable.

What you need in order to have a life insurance policy issued is an insurable interest. Meaning the death of your boyfriend is going to create a financial burden on you that insurance will indemnify (make better).

Owning the life insurance on him and naming yourself the benficiary and describing yourself as his girlfriend is most likely all you'll need to prove insurable interest.

Now, you say he has health problems. It might be hard to get life insurance on him in the first place, so be very aware of this. Depending on the severity of his health issues, it would be imprudent to just apply for life insurance. A decline from one company significantly increases the chances of a decline at another.

I have to ask. If the kids aren't with you, who is the mother?