Insurable Interest: Girlfriend

[Cornelius]

He has no family and wants to name his girlfriend? What are the odds of her taking on the full responsibility of settling his estate? Let's say term policy of 100k and she is the beneficiary. What's the walk away amount? Yup,,100k. Check please.

Set homeboy up with a trusted prepaid funeral plan or set aside some funds with an administrator maybe with his bank. Hey she may go through with it but at the very least he should watch some episodes of American Greed on CNBC first.

 

[VolAgent]

He has no family and wants to name his girlfriend? What are the odds of her taking on the full responsibility of settling his estate? Let's say term policy of 100k and she is the beneficiary. What's the walk away amount? Yup,,100k. Check please.

Set homeboy up with a trusted prepaid funeral plan or set aside some funds with an administrator maybe with his bank. Hey she may go through with it but at the very least he should watch some episodes of American Greed on CNBC first.

Perhaps. But it is his insurance to leave to whom he wishes.

If she were taking it out on him, that would be one thing. But if he is taking it out on himself, he can name whomever he pleases as beneficiary. Particularly once issued.

 

[sshafran]

Perhaps. But it is his insurance to leave to whom he wishes. If she were taking it out on him, that would be one thing. But if he is taking it out on himself, he can name whomever he pleases as beneficiary. Particularly once issued.

She is not trying to get rich off of this massive $5,000 policy...

Quite the opposite. Her concern? Losing Medicaid // SSI, etc.

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[LGilmore]

Yea, CL could be a problem in some places as it is married without the license and some liabilities are created when you go that route.

But..... we don't know how long he's been dating this gf so I just threw it out there that they've been together a while.

And what or how we describe a beneficiary is never disclosed to any government entity to begin with. Never had a carrier tell the IRS the relationship between insured and beneficiary..

 

[VolAgent]

She is not trying to get rich off of this massive $5,000 policy...

Quite the opposite. Her concern? Losing Medicaid // SSI, etc.

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Try convincing new business or compliance of that.

I'm not looking for anyone to break any laws or regulations, but sometimes they act like it is 5 million and not 5 thousand.

 

[Norwayguy]

Try convincing new business or compliance of that.

I'm not looking for anyone to break any laws or regulations, but sometimes they act like it is 5 million and not 5 thousand.

In cases like this do the app and the beneficiary change form, leave the beneficiary change form date blank and date it and send it in once policy issued and fight the carrier then has always been my approach.

 

[VolAgent]

In cases like this do the app and the beneficiary change form, leave the beneficiary change form date blank and date it and send it in once policy issued and fight the carrier then has always been my approach.

That is what I do, I have a carrier that gets bent out of shape about adults owning insurance on another adult. But they never say a word when they get the change of ownership form. They just process it and send out an acknowledgement form of the transfer.

I guess I'm on a bit of a rant right now. But it absolutely blows my mind how much carriers spend marketing to agents and right behind them it is full "Business Prevention Mode."

Take just a fraction of the money you spend sending me emails, calling me, mailing me junk and use it to fix underwriting and new business. Then I'll send you even more business and everyone wins.

 

[GoCubsGo]

I always put significant other in these situations.

I like that. I've been using Life Partner

 

[jdeasy]

I sold 2 $1,000,000 policies to a gay couple about 7 or 8 years ago. When I was filling out the beneficiary part I must have looked puzzled because one of the ladies asked me what I was having trouble with.

I said, "your relationship?". She said "partner". So that's what I put on the application.

Never got a problem from the company or even questioned. Both policies issued and still on the books today.

 

[LGilmore]

With marriage rates falling and continuing to drop... I like mustfastpitch's choice of life partner. It's a good choice.