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What They Haven’t Told You About Insuring Your Spouse

The #1 question we’re asked: Can I buy life insurance for my husband?insuring your spouse

We’ve got good news for you – you can!

But there’s a lot to know.

This article will review your opportunities, options, obligations, and limitations.

Quick Article Guide

  1. Replacing Income, Paying Off Debt
  2. Is Your Spouse On Board?
  3. Protecting Loss of Income
  4. Protecting Your Home
  5. Covering Your Children’s College
  6. Covering Funeral Expenses
  7. Life Insurance for your Stay-At-Home Spouse

Replacing Income, Paying Off Debt

When clients call us to purchase life insurance for their spouse, they tell us they have two primary worries:

  1. My spouse is the breadwinner. If he/she dies and that money’s gone,  I don’t know what I’d do.
  2. If my spouse dies, I will need money to pay off so and so.

The Survivor’s Financial Responsibilities

Many people we speak to are unaware they’re responsible for their spouse’s debt at time of death. “All debts are due at the time of death”…this means that if you are unable to pay your deceased spouse’s debt, creditors have the legal right to pursue legal action.  It’s a common cause of bankruptcy.

Sounds a bit harsh,  doesn’t it? This situation applies to a mortgage, a car note, medical bills, any debt that is outstanding. This is why financial advisors advise purchasing insurance on your spouse and vice versa as your family’s safety net.   It’s not meant to make you better off financially, but allow survivors to maintain their standard of living.

How Involved Will Your Husband/Wife Be in The Application Process?

As they say, “It’s easier to give garlic to a vampire than get a husband to apply for life insurance.” Sad, but true. If you fall into this category, be sure to tell us; we need to know if your spouse is on board.

We understand that men in particular are fearful of facing their mortality, and/or distrustful of the medical community. They often avoid having medical exams until something’s wrong.

Allow us to help you. Explain to us the level of your spouse’s cooperation; are they willing to complete a free in-home physical including a blood and urine sample? If not, we’ll help explore “non med” (no medical exam) options.

Will your spouse be willing to do a phone interview of their health history? If your answer is “none of the above”, then you’re likely going to be limited to a maximum of $25,000 in life insurance. At minimum, they’ll need to sign an application. For obvious reasons, we’re not allowed to put money on the life of people, including a spouse, without their knowledge.

Protecting Your Family From Loss of Income

Protecting Family with InsuranceA primary reason for purchasing life insurance on a spouse is to replace the loss of their future income.

For example – let’s say you’re a stay a home mom and your husband makes $5,000 dollars a month. After taxes, this is roughly $3,500 a month take home. In this situation, if your husband passed away, your family would be without the $3,500 dollars a month needed to pay utilities, put food on the table, put gas in the car, etc. Read this article for more on this topic and help in determining your appropriate amount of life insurance.

You may also want to consider life insurance for your stay-at-home spouse as well. I’ll explain why later in this article.

Buy Young, Get More and Pay Less

The younger you are when you buy the insurance, the more years of potential income you’ll need to replace. Your agent will help you determine this policy amount, which is called the policy “face value” in insurance jargon. The younger you are, the lower your rates will be, since insurance cost is based on mortality risk.

Insurance companies use  “income multipliers”. For example, an average 35-year-old has about 30 working years ahead of them.  As a result, an insurance company will allow someone in this age bracket to buy a policy that will replace 30 years of future income. Let’s say you make $50,000 a year and you are 35 – in this example, you’re allowed to purchase up to $1.5 million of coverage. Sounds like a lot of money…and it is! You have a lot to lose if your “money machine” is no longer available.

If you are 65-70, the insurance company will typically limit the amount of coverage you can buy to about 5-10 times your income. These guidelines can be somewhat flexible and vary with company to company. Some insurance companies will also consider net worth, debts, other income, etc. This U.S. News article that will help you pinpoint the best age to buy life insurance.

Insurance to Protect your Mortgage

Covering MortgageA majority of our clients also buy insurance on their spouse for mortgage protection, protecting the family home. Let’s say together you and your spouse owe $200,000 and you still have about 20 years left on your mortgage. In this situation, if something happened to your income earning spouse, it’s likely it may be impossible for you to cover the bills and pay the mortgage on your one or no income.

In this particular circumstance, you would want the policy to last at least as long as the mortgage and cover the full mortgage amount.

For help in comparing benefits of Mortgage vs Term Insurance, read this article.

Life Insurance To Secure Paying for Your Children’s College

Purchasing insurance on your spouse can also be used to provide a college fund for children. Let’s face it, it’s hard enough to put away money each month for our children’s college funds after paying bills, but what if your household income is suddenly cut in half or even reduced to nothing? To ensure that your children are able to go to college, it is very common to purchase life insurance for this purpose.

According to collegedata.com, as of February 2018, the average cost of a 4-year degree at a private university in the United States is currently $138,960. In 15 years, this number is expected to double.

To calculate the amount of coverage you would need and the appropriate length of your “term” (how long you need insurance), subtract the age of your youngest child from 23 (the average age children graduate college). So if you have two children ages 4 and 6, subtract 4 from 23, which is 19. 19 is the minimum amount of years you will need, so I recommend a 20 year term for $500,000. (This number is adjusted to reflect the rate of inflation mentioned above) This policy will ensure that if you or your spouse pass away before your children graduate college, they will have enough money to finish their degrees and get a good start in life.

Calculating Coverage and Term

Covering Burial and Funeral Costs

Many of our clients buy insurance on their spouse to handle funeral expenses. Funerals are not cheap – in fact, according to Parting.com, as of January 2018, the average funeral in the United States currently costs almost $10,000. Some funerals and “final expenses” can even run upwards of $20,000, and this number is only going to increase with time. For more information on this please see this article on ehow.com.

Another question we get daily is, “can I buy life insurance for my mother/father?” Yes you can – there’s a separate set of guidelines which we will address in another article. It’s common for children to buy policies to cover the cost of the parents’ burial and final expenses. Our article on burial and final expenses will help you with the guidelines of what you’re able to buy with and without significant health issues.

Be advised that your parent needs to be involved.  If they’re unwilling or unable to speak with us by phone and authorize your buying insurance, we can’t help you.   As mentioned earlier, it’s illegal to buy life insurance for someone without their knowledge and written permission; they have to sign an application and authorize accepting the policy before it can be activated.

Life Insurance for My Spouse’s Unforeseen Medical Bills

Medical BillsThis is a tougher one to estimate, but should be prepared for, nonetheless. In addition to funeral expenses, you should consider hospital bills and medical bills not covered by your medical insurance.

In most cases, before a death, there is a hospital stay. Unpaid hospital bills are one of the main reasons a family is forced to file bankruptcy.

Can I Purchase Life Insurance on My Spouse To Protect Our Estate For My Children?

Life insurance is also commonly used for estate protection or to cover estate taxes. Many spouses purchase life to cover estate taxes, make sure they are able to keep their wealth their wealth and assets intact and avoid being forced to liquidate a portion in a “fire sale”.

Two clients we helped in 2012 – Mr. and Mrs. B. of Topeka, KS – had three adult children. Their estate was valued at the time at approximately $6,000,000. They owned a farm and home, rental property, and a significant amount of machinery they were paying off. Mr. and Mrs. B wanted to ensure that when they died, their children would be able to keep the rental properties for their families. On advice of their financial advisor, they purchased a “second to die” life insurance policy to ensure their children would be able to inherit the family’s estate free and clear. To learn more, see this article on Bankrate.com.

Insurance For My Stay-At-Home Spouse

“What if my wife or husband doesn’t work? Can I get insurance on them?”

Yes, you can!

Most insurance companies feel that a “stay-at-home” spouse is just as important to the household as the income earning spouse. The reason behind this is simple. Would you be able to pay for childcare, house cleaning, laundry services, taking the children to school, and still keep a full-time job if your spouse was no longer in the picture? According to financial adviser Clark Howard of ClarkHoward.com:

Stay-at-home spouses have a special need for life insurance. A new survey from Salary.com finds the “salary” such parents earn by dealing with laundry, kids, cooking, etc. is more than $121,000! That’s more of an attention-getting number than anything else because stay-at-home parents don’t actually “earn” that, but you get the idea. Should a stay-at-home spouse pass away, the remaining parent would have to suddenly pay for childcare and everything else a stay-at-home parent does on a day to day basis. That’s why it’s essential the parent at home have a policy.”

See the rest of this article here.

For these reasons, an insurance company will generally allow a non-working spouse to match their spouse’s insurance, up to $1 million. The working spouse’s coverage can be through their employer, a policy outside of work, or a combination of the two.

Can I Buy Life Insurance on my Ex-Husband?

Yes you can, as long as you’re still financially dependent upon him (or her), either through a divorce decree or other acceptable situation. It’s fairly common to purchase term insurance to protect alimony and child support. You’re also able to be the payor, and possibly the “owner” of the policy, the one who is legally allowed to maintain and make policy changes.

Of course, your spouse needs to authorize it and be on board throughout the process. You don’t want to end up being the subject of a 48 Hours episode!

A Spouse As Insurance Rider is Generally a Bad Idea

Regardless of the reason for life insurance, we highly recommend each spouse has their own policy if both are able to qualify.

Although the idea of having one policy to manage seems easier for monthly payments; attaching a rider to your policy is often less costly than 2 separate polices. Many of the policies with a spouse rider (Primerica used to sell these) has a reduced benefit for the surviving spouse. If all of a sudden your spouse dies leaving you a single parent, you would likely need more life insurance, rather than less.

Another warning about these policies is that the policy ends if either party dies. If the survivor is in poor health at that time, they could very well find themselves in a position where they could not find new life insurance.

Because of these pitfalls, few companies today offer spousal riders.

Call Us

Do you have questions about getting life insurance on your spouse, or would you like a quote? Please call us, we are here to help. Toll-Free: 855-247-9555.

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45 comments… add one
  • Floyd wesley jr February 16, 2015, 9:34 pm

    Can my present spouse start a policy without my knowledge and then after divorce continue once the divorce is final? I’m presently seeking divorce and my spouse is expecting. I have life insurance of my own. She says she started it before our marital demise was imminent.

    • Chris Huntley March 10, 2015, 11:49 am

      It would have been impossible for your spouse to legally take out a policy on your life without your knowledge and/or signature. You can probably fight that.

  • Eugene S June 12, 2015, 4:48 pm

    Cheap life insure on terri and. EUGENE $100000

    • Chris Huntley June 17, 2015, 10:38 am

      Eugene,
      Thank you for your comment. One of our representatives will email you shortly.

  • linda walker July 29, 2015, 12:11 pm

    My husband knows l want to take out cover on his life can l have a quote l am deaf so phone no good

    • Randy McClintick August 24, 2015, 6:58 pm

      Hello, Linda,

      Please have your husband call us. We’ll need to know his age and state of residency. With a few question about his health and what he’d want the life insurance to be able to provide for your needs, we’ll be able to recommend the best matches for low cost/high quality coverage. We can be reached 8am to 5pm at 855-247-9555.

  • Bos February 26, 2016, 1:08 am

    Hurrah, that’s what I was exploring for, whbat a information! existing here at this website, thanks admin of this site.

  • Sharie March 12, 2016, 8:00 pm

    Can I get life insurance on my husband if he doesn’t have a driver’s license

    • Cliff Pendell March 16, 2016, 12:19 pm

      Good Afternoon Sharie,
      We have dozens of companies that we work with to help you find your best rates.

      I will send you an email to get some additional details to help you find the best option for him. You can also call us toll-free at (855) 247-9555. Thank you for your question.

  • Wendy Galindo April 24, 2016, 4:43 pm

    My husband has a great job with a good life insurance policy. He has health issues and is now 50 years old. If something happens and he not at his job when the time comes he passes away we won’t have any insurance. I want to get more life insurance just in case he not at his job at the time he passes. I would want it to cover the cost of his funeral and bills. He already has doctor bills. I read some where I would have to cover all bills, and credit card bills in his name, is this true? Any advice?

    • Randy McClintick May 11, 2016, 12:57 pm

      Wendy,

      I couldn’t tell if our previous response reached you, so will answer your question again. You are correct…Once you’re off the group plan, most retirees lose their life insurance within a year of retiring. It’s similar to COBRA…rates are reasonable the first year, but then it’s either cost prohibitive or not even an option.

      Call us and we’ll review your husband’s health issues and medications. We are very experienced at life insurance pre-qualification underwriting, and can usually tell you within a few dollars of what rates our clients can actually qualify for. You can then determine if it’s worth applying. There’s no cost or obligation, so nothing to lose. The key thing is to get started…after age 50, rates increase by around 10% for every year of an applicant’s age. (855) 247-9555

  • Sonia Hage May 29, 2016, 9:01 am

    My fiance and I are not married just yet he wants to get get Married in Feb 2017. And because iam o. Disablity he wants me two get a life insurance policy on him just icase something happens to him on his job are incase something else happens to him like hes dies before ee get married we have been together over 13yrs now. He just wants to know that i will be taken care of and not be homeless. He wants me two get a $250.000 dollars inc. We need to know how how much that will cost us monthly. I even hate this idea because i dont want nothing to happen to one of us for yrs to still come. Its his idea that i try to find out different insurance companies to get a quote and how much is things going to cost us monthly if you could please send me some information I sure would appreciate it but he definitely wants 250,000 and my address is 1022 Sedge Garden Rd. Kernersville NC 27284. Thank you very much for yoy time. Thomas Thayer Joyce & Sonia Selena Hage. Please send two different document so we can fill out the applications and they will be signed thank you again God bless

    • Randy McClintick June 1, 2016, 12:16 pm

      Sonia,

      If you and your finance “co-habitate” (live together), he’s eligible for buying life insurance with you as beneficiary even before you’re married, because his death would cause you to lose his financial support.

      JRC represents over 40 highly rated life insurance companies doing business in North Carolina. Their prices vary by a person’s birthdate, health history, medications, parent’s health history, and a few other considerations.Have your fiancé call JRC at (855) 247-9555 and we’ll review help determine his best pricing options.

      God bless, and take care.

  • Dorothy May 31, 2016, 11:34 am

    My husband lives in tent cities. I’ve told to get life insurance on him because burden of cost will fall on me. No has address on him and he not in a right stare of mind. Can I get with out sinature?

    • Randy McClintick June 1, 2016, 12:11 pm

      Hello, Dorothy,

      Life insurance is a heavily regulated industry, both on a State and National level. It’s not possible to buy life insurance on others, including our spouses, without their knowledge. They must be aware they’re buying life insurance, name a beneficiary/beneficiares and sign their application. Once approved for coverage, they must sign an acknowledgement to put coverage in place. All of this must take place in their state of residence.

      Do you have have children? If you have no life insurance for yourself and don’t want to leave the burden of your final expenses to them, give us a call and we’ll help you secure the coverage. There’s no benefit of waiting…the older you begin, the higher the cost. Call JRC Life Insurance at (855) 247-9555 and we’ll help you find the best priced coverage you’re eligible for.

  • teri June 8, 2016, 3:30 pm

    I’m recently married. My husband and I are considering life and health insurance. I have kids, he don’t. He’s working, I’m presently unemployed. What’s our best options? Can we buy a policy over the phone and then he/we comes in and sign whatever may be required?

    • Randy McClintick June 9, 2016, 10:28 am

      Hello, Teri,

      Thank you for visiting JRC’s website!

      We are often asked how much life insurance an unemployed spouse can carry. The general answer is, the same amount as your working spouse. Let’s say your husband qualifies for $250,000 in life insurance. You’d be eligible for an equal amount…$250,000. The reasoning is, if you die, there can be money to help continue caring for your children, which you’re not there to do.

      It sounds like your preference is to purchase life insurance over the phone. JRC works with some very good life insurance companies offering this option. We also work with insurers which require an in-home health screening exam, which they pay for. We’re glad to help you with either as well as compare your options. The value of working with JRC is that we work closely with over 40 highly rated life insurance companies. We work on your behalf as a no cost “broker”, shopping the industry to make sure you don’t overpay for quality life insurance. We are “owner-agents” of our business, so have a vested interest in making sure you’re served well and satisfied, hopefully referring others to JRC.

      Teri, call us at your convenience at (855) 247-9555. We’ll need around 10 minutes to run through some life insurance underwriting questions and determine your best pricing options. We’ll email these to you to review with your husband, and be available to answer questions through the process. Depending upon the type of application and policy you choose, securing life insurance can take a few days for a “no exam” policy to 4-6 weeks for a standard term insurance policy requiring the health screening. The health screening generally qualifies applicants for their best possible pricing, as the insurer has less risk by verifying health via a current blood and urine screening. Again, they pay for it, so if you haven’t had an exam in awhile, it’s a way to take care of it at home with no co-pay. JRC will make arrangements for you to receive your lab results, which you can forward to your physicians. The life insurance exams run more tests than health care providers pay for, so it’s a great value.

      We look forward to your call and helping you protect your family. (855) 247-9555

  • Angel R September 3, 2016, 8:05 am

    Spouse doesn’t qualify for life insurance r/t high bp. He’s not willing to go to doctor and fix. We have 3 kids. I need something that will help cover should he pass away. Please help

    • Randy McClintick September 13, 2016, 1:19 pm

      Angel,

      There are some “no exam, no health question” life insurance options which may help if your husband will at least be willing to be involved by signing the life insurance application after answering a few questions. If so, give us a call at (855) 247-9555 and we’ll help you compare options within your budget. All the best

  • Crystal Vanderwolf November 29, 2016, 4:30 pm

    Hi. I’m curious to know if I could buy life insurance for my husband even if he has health problems. He’s had 2 heart transplant and waiting to be listed for a 3rd heart transplant. He is 38 years old. I’m very worried about my financial future if I were to lose him. 🙁

    • Randy McClintick December 1, 2016, 10:35 am

      Mrs Vanderwolf,

      Thank you for visiting JRC.com. As you likely suspected, your husband won’t qualify for life insurance at his age and health history. The most serious heart related issues would be stents or pacemaker, with recovery.

      50 is the youngest age we’ve found for “no health questions asked” policies, which carry a 2-year waiting period for the full death benefit. These policies max out at around $25,000.

      Most people we speak to in similar situations “self insure”, setting money aside in a specific bank account. A very high health risk would mean very high insurance premium, even if available.

      Best of luck and prayers for you and your family.

  • Justin December 17, 2016, 9:41 am

    My wife is 26 doesn’t smoke or drink never has can i get a quote and what all kind of death does it cover accidental or medical like stroke heart attack or anyuerism?

    • Randy McClintick December 21, 2016, 2:18 pm

      Justin,

      Thanks for visiting JRC’s life insurance website. At age 26, in good health and a non-smoker, your wife would have a good chance of qualifying for the lowest rates in the nation. JRC is a “no-fee” service which shops and compares rates for customers from the 40 highest rated life insurers offering the most competitive pricing.

      The companies we’ll look at for your wife provide a tax-free benefit for death for any reason other than while breaking a law. Some require a free in-home medical exams and others won’t, depending upon her health and the death benefit amount you’re seeking. At her age, she would be eligible for up to 30 times her annual salary, or if a homemaker, up to the amount of life insurance you carry.

      Give us a call at (855) 247-9555 and one of our agents licensed for your state will pre-qualify your wife by phone and email a list of her best pricing options. Happy Holidays!

  • M. J July 26, 2017, 11:07 pm

    I work and have 2 children one who lives with me and one who doesn’t. Im 30 and my husband is 31. He has 2 children whom live with their mom. He doesn’t work, but i do and have life insurance through my job. Can i get a policy for him? My two children are listed as beneficiaries on mine but he isnt.

    • Randy McClintick July 27, 2017, 10:02 am

      M.J.,

      Thank you for visiting JRC’s life insurance site and your question.

      A non-working spouse can qualify for as much life insurance as their working spouse carries. Most people in our situation have life insurance outside of work, as well as what they get for free from their employer. The cost can be very low at your age. If your children are under 10, most people carry term life insurance until their children will be grown and on their own. A $500,000 death benefit life insurance with the cost guaranteed for the next 20 years (a 20 year term policy) could be under $20 a month for you, a little more for your husband. JRC can customize the death benefit amount and term length to fit your budget.

      Give us a call at (855) 247-9555 and a licensed agent will answer questions and email pre-qualified cost comparisons for you to review with your husband. We look forward to helping you protect your family.

  • Sherri Autrey September 23, 2017, 9:59 am

    My boyfriend wants to take a 50,000 policy out so I will have i income after he passes. How much will he have to pay monthly? Also I’m moving in with him T he next few very months.

    • Randy McClintick October 2, 2017, 11:18 am

      Ms. Autrey,

      Thank you for your question and visiting JRC’s life insurance website.

      Once you move in with your boyfriend and sharing living expenses, you’ll be considered a “domestic partner” (sharing living expenses) and be eligible to be listed at your boyfriend’s life insurance beneficiary.

      We can help him save money and find the easiest way to secure a $50,000 life insurance policy. We’ll need to gather some health and lifestyle information to match him to his best options. Should only take around 10 minutes by phone….our phone number is (855) 247-9555. Once we do that and he authorizes you as beneficiary and his point of contact, we can work together to provide the “income protection” for you he’s seeking.

      Best Regards,

      JRC Insurance Group
      (8550 247-9555

  • Kim Jarvis November 27, 2017, 9:47 am

    My husband is very ill. He is 65 years old. How can I get life insurance on him to cover his funeral expenses?

    • Randy McClintick November 28, 2017, 11:12 am

      Mrs. Jarvis,

      Thank you for your question and visiting JRC’s life insurance website.

      It sounds like it’s too late for you to purchase any type of life insurance for your husband which would be helpful. Some agents may offer you accidental death insurance, which won’t pay if your husband dies due to illness. To qualify for “medically underwritten” (death due to a medical condition, not an accident) life insurance, you must either pass a medical exam or have a 2-year waiting period for “no questions asked” guaranteed issue life insurance for the full death benefit to be paid. If a policy holder dies during the 2-year probationary period, there is no money loss…they insurers return all funds paid to that point, plus an additional 5-10%. There could be a bit of a wait while you’re providing the death certificate, so if money is tight, it’s likely better to set money aside and prepare for the eventuality. Many people have their children assist with the expenses. Social Security death benefit to the survivor is only around $250.

  • Joy Taylor December 22, 2017, 3:29 pm

    I bought a life insurance policy on my husband when we first married and was always the policy holder, beneficiary, and payer of premiums, throughout the marriage and continued after we divorced. Now he died and the insurance company says I can’t collect because Florida law won’t let an ex-spouse collect? Even though it was MY policy on him, I paid the premiums (for over 25+ years!), and I am the named beneficiary! If this is true, why didn’t the insurance company tell me that I no longer could be beneficiary? Instead of taking my premiums every month, until he died? Doesn’t the insurance company have to pay since t he policy was always mine from the start and he never had the power to change beneficiaries, only I had that power? I don’t understand this law…

    • Randy McClintick December 29, 2017, 9:28 am

      Ms. Taylor,

      Thank you for your comment and visiting JRC’s life insurance website.

      If you were listed as beneficiary on your ex-husband’s policy when he died and premiums were paid up to that point, it should have no bearing on whether you were married or not. If you’ve purchased the policy through JRC, we can help, otherwise contact the agent/agency you purchased the policy through and/or call the Florida insurance commission. Life insurance is a highly regulated industry, so they should be able to assist you. We’re showing their phone number to be: Toll-Free Helpline (in FL): (877) 693-5236; Out-of-State Callers: (850) 413-3089

  • Chris K February 16, 2018, 12:54 pm

    My significant other and I are unmarried but have been living together for about 6 years. We share the responsibility of rent and other bills. I am interested in buying a life insurance policy on her. But what would happen if down the road we were to split up and no longer live together? I would no longer have an insurable interest, even though I did when the policy was opened.

    • Randy McClintick February 20, 2018, 8:52 am

      Chris,

      Thank you for your question and visiting JRC’s life insurance website.

      “Insurable interest” between the person insured and the beneficiary is part of underwriting, which only matters at the time of applying for life insurance. In other words, once a policy is approved and put “in force” by making the first payment, the insurance company cannot and will not ask for updates. The policy can remain in effect for it’s duration as long as payments by the “payor” continue to be made. The beneficiary can be changed in the future. In a case like yours, should you split up, the beneficiary could be changed to a parent or child or cancelled by the policy’s “owner”, usually the person paying for the policy. Same could happen if you later sold the property. It’s good to think ahead. Many people come to a side agreement of what would take place down the road should situations change.

      Give JRC a call at (855) 247-9555 if you’d like to look at some preliminary pre-qualified cost comparisons from major life insurers in your state. Our agents are fully licensed, and there’s no cost of obligation for our help.

  • KAY March 21, 2018, 5:50 am

    MY HUSBAND HAS BEEN GIVEN MONEY BY HIS MOTHER TO PURCHASE PROPERTY IN HIS NAME. CAN I PRTOECT MY LIFE TO PAY THIS OFF SUM BACK ON MY DEATH, DO I HAVE AN INSURABLE INTEREST?

    • Randy McClintick March 22, 2018, 9:44 am

      Mrs. Todman,

      Thank you for contacting JRC Life Insurance and visiting our website.

      On the surface, it sounds as though you could have an insurable interest. Call us at (855) 247-9555 and a licensed agent for your state will confirm, as well as run through some underwriting questions to determine what would be the best life insurance rates you’ll likely qualify for.

  • Monica Clark March 27, 2018, 5:05 pm

    My husband is currently brain damaged. Can I buy a life insurance policy for him to cover any expenses in the future?

    • Randy McClintick March 28, 2018, 11:57 am

      Mrs. Clark,

      Thank you for contacting JRC Life Insurance and visiting our website.

      It would depend on the severity of your husband’s injury or illness. A life insurance policy is a legal contract, so he’d need to be well enough to understand and be involved in the process, including signing the application and contract. Even with “guaranteed acceptance/guaranteed issue” type policies, there are a few qualification questions including mental capacity. For instance, if a person has been diagnosed/treated for dementia, Alzheimer’s, etc. they’ll be declined coverage. Good luck, we hope your husband will qualify for life insurance.

  • john March 28, 2018, 9:23 am

    Can my husband sell my life insurance policy, with out my knowledge

    • Randy McClintick March 28, 2018, 12:03 pm

      Thank you for contacting JRC Life Insurance and visiting our website.

      We’re not sure what you mean by “sell” your life insurance policy. It’s best to contact the life insurance company and/or agent you purchased it through so they can review the contract you signed as the “insured” and whether you listed yourself as policy “owner” at that time. Generally speaking, the “Owner” is the only person who can change a life insurance policy contract.

      If you’re unsure which insurance company your life insurance was through, we recommend checking through your state’s insurance commission (you can Google to find contact info) and/or check through the NAIC

      https://eapps.naic.org/life-policy-locator/#/welcome

  • Melissa Smith April 28, 2018, 4:18 am

    My husband and I would like to purchase a policy that would protect each of us. We understand separate policies are necessary but we want a policy that we can trust will protect us if either one goes first. What’s the best policy to get that will pay out even if we die suddenly? Is there a policy available that will pay out regardless of the time we purchased it or is there a waiting period for all insurance policies?

    • Randy McClintick May 6, 2018, 9:10 am

      Mrs. Smith,

      Thank you for contacting JRC Life Insurance and visiting our website.

      Most people in your situation purchase individual life insurance policies to ensure the surviving spouse receives a life insurance benefit (payout) when their spouse dies. Usually this need for life insurance is to replace lost income so the survivor can maintain their same lifestyle.

      To avoid a waiting period, you’ll typically complete a health questionnaire and free, in home medical screening. This is paid for the life insurance company. This exam also helps you secure your best rate for life insurance since the insurer can adequately determine their risk by assessing your current health. There’s no obligation should you choose not to purchase the life insurance policy.

      JRC Life Insurance Services can help you by matching your health assessment to a high quality life insurance offering best rates for your age, health and lifestyle. There’s a wide variance in cost, so our free service could literally save you thousands of dollars over the years.

      Give us a call at (855) 247-9555 and we’ll provide a complimentary risk assessment by phone and email rate comparisons for your best pricing insurance carriers. Again, there’s no cost or obligation.

      We look forward to helping you protect your family and financial future with life insurance.

      JRC Insurance Group

  • Shelly R May 11, 2018, 12:40 am

    My husband & I recently got Life Insurance.We bought a policy for each of us.I thought I was the owner of my policy.I told my husband I want to change the beneficiary to incl 2 of my adult kids as well as him.He told me I can’t do that b/c he owns my policy.He told me that’s how he set it up when we got it.I was unaware he owned my policy.When I asked him to change it so I owned my own policy he said no because he doesn’t want to share the beneficiary money w our adult kids.Can I call the company & get things changed so I own my own policy? I’m very upset this could happen without my consent!

    • Randy McClintick May 11, 2018, 11:34 am

      Shelly,

      Thank you for contacting JRC Life Insurance and visiting our website.

      Policy ownership is something chose when filling out the initial life insurance application and/or putting the policy “in force” when it’s first approved. Making changes requires the consent of the “owner”. You may wish to verify this with company you purchased your life insurance through, and perhaps obtaining further advice from your state’s insurance commissioner. They are the regulating body for all types of insurance.

  • Fam Olive May 24, 2018, 8:19 am

    I now live with my boyfriend and he has an ex wife who is living alone and I just found out she is buying a life insurance for him so she can have some money for herself when my boyfriend dies.
    My concern is if I can buy I life insurance for him while he’s already insured by his ex-wife? Next thing if it’s legal to be insured by someone who’s not taking caring him with a aim to collect money for herself ?
    I really needs advises in this point of what I should do please .
    Thanks very much and May God Bless your company for serving and helping people like me .

    • Randy McClintick May 24, 2018, 1:07 pm

      Thank you for contacting JRC Life Insurance and visiting our website.

      You’re asking great questions. We’ll begin by answering an important general question….the life insurance industry is highly regulated on a national and state level. No one can insure someone’s life without that person (in this case, your boyfriend) being involved in the process. At a minimum, he would need to sign the application and choose the policy “owner” (the person who can legally cancel or make changes to the beneficiary, address, etc in the future) and the beneficiary. You can imagine what a mess it would be if people could buy life insurance on another person’s life without them being aware.

      You state your husband’s ex-wife is “living alone”. Does that mean no children are involved? About the only time we see customer’s buying life insurance with an ex-spouse is when it is court ordered through the time the children turn 18. The death benefit is generally there to replace child support payments should the “payor” die before the children are through school and independent.

      A life insurance beneficiary must have an “insurable interest”…in other words, be financially dependent on the person insured and suffer a financial hardship (not be better off) if the person insured dies prematurely.
      If there are no children involved, and no shared debt (for instance co-signors on a home not settled in the divorce) then there’s a question of the ex-wife having a qualifying insurable interest.

      Yes, a person can have multiple policies. The total amount of all policies can’t exceed the amount of income they’d likely make through retirement age. For instance, if you’re 40 years old and earn $50 in income, the limit on the total amount of combined life insurance policies you could carry is roughly $1 million ($50,000 x 20 years).

      Hopefully this information provides some peace of mind. We recommend also contacting your state’s life insurance website (or call them). You should be able to find them by “Googleing” the department of life insurance for your state of residence.

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