He is a Merchant seaman and he has been one for 10 or 11yrs. now.
Total Comments: 4
Posted: Mon Jul 12, 2010 01:46 am Post Subject:
Hi mccoymr1
Just provide some more details as your question is still unclear and most of the members are unable to comprehend what you want to convey....
DIMG
Posted: Mon Jul 12, 2010 01:55 am Post Subject: Life Insurance Policy
I have been living with my fiance for 7yrs. Can we take out a life insurance policy on each other?
Posted: Mon Jul 12, 2010 02:03 am Post Subject: insurance
I'm not an expert, however,..I'm thinking you can. For the reason that you've lived with each other for so long. I know, in the state of CA, there is what you call 'Married by common Law'. This means if you've lived together, for so long, the Law, of the state ( in which you live) considers you married. (I beleive I posted that information correctly). Just curious: what state do you live in?
Posted: Mon Jul 12, 2010 04:35 am Post Subject:
I know, in the state of CA, there is what you call 'Married by common Law'.
THERE IS NO SUCH THING IN THE STATE OF CALIFORNIA! The closest thing to it is our "registered domestic partners" law that allows two persons to obtain a document that says they have a committed relationship with one another, they just aren't (or can't be) married. It primarily benefits same sex couples, but it works for heterosexual couples too.
Insurable interest is the key to the answer. If an insurance company sees that you satisfy a state's legal requirement relating to insurable interest (if any), then they may choose to issue you individual policies as unmarried persons. Some companies would not permit unmarried persons to be listed as a "spouse" in the same contract (joint issue or by rider).
Has your fiancee been a fiancee for 7 years, or is that something new? Do you have any children as the result of your joint efforts in these past seven years? If you do, that adds credibility to your claim of insurable interest.
In a relationship such as yours, there would probably not be much in the way of doubt about insurable interest existing between the two of you, but state law always controls. It is always much clearer between husbands and wives than between unmarried persons.
If state law prevents you from obtaining joint life policies or policies on each other, the "workaround" is to obtain life insurance on yourselves and after the policies are issued, to exchange ownership, which neither state law nor insurance companies can prevent. The insurance company must approve such "assignments", but they cannot object on "moral" grounds.
Posted: Mon Jul 12, 2010 01:46 am Post Subject:
Hi mccoymr1
Just provide some more details as your question is still unclear and most of the members are unable to comprehend what you want to convey....
DIMG
Posted: Mon Jul 12, 2010 01:55 am Post Subject: Life Insurance Policy
I have been living with my fiance for 7yrs. Can we take out a life insurance policy on each other?
Posted: Mon Jul 12, 2010 02:03 am Post Subject: insurance
I'm not an expert, however,..I'm thinking you can. For the reason that you've lived with each other for so long. I know, in the state of CA, there is what you call 'Married by common Law'. This means if you've lived together, for so long, the Law, of the state ( in which you live) considers you married. (I beleive I posted that information correctly). Just curious: what state do you live in?
Posted: Mon Jul 12, 2010 04:35 am Post Subject:
I know, in the state of CA, there is what you call 'Married by common Law'.
THERE IS NO SUCH THING IN THE STATE OF CALIFORNIA! The closest thing to it is our "registered domestic partners" law that allows two persons to obtain a document that says they have a committed relationship with one another, they just aren't (or can't be) married. It primarily benefits same sex couples, but it works for heterosexual couples too.
Insurable interest is the key to the answer. If an insurance company sees that you satisfy a state's legal requirement relating to insurable interest (if any), then they may choose to issue you individual policies as unmarried persons. Some companies would not permit unmarried persons to be listed as a "spouse" in the same contract (joint issue or by rider).
Has your fiancee been a fiancee for 7 years, or is that something new? Do you have any children as the result of your joint efforts in these past seven years? If you do, that adds credibility to your claim of insurable interest.
In a relationship such as yours, there would probably not be much in the way of doubt about insurable interest existing between the two of you, but state law always controls. It is always much clearer between husbands and wives than between unmarried persons.
If state law prevents you from obtaining joint life policies or policies on each other, the "workaround" is to obtain life insurance on yourselves and after the policies are issued, to exchange ownership, which neither state law nor insurance companies can prevent. The insurance company must approve such "assignments", but they cannot object on "moral" grounds.
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