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Question 14 of 14 in Naming Beneficiaries |
If I am living with someone in a non-marital relationship, Can I buy insurance on that person or have my partner as my beneficiary? |
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When you buy a new policy, there is usually a requirement that the person named as beneficiary have an “insurable interest” in the life of the insured.
A spouse or relative or a business partner would usually qualify, but designating other people who are not relatives may require you to offer an explanation or reason why this insurance is needed.
Once a policy has been issued and is in force, you can change the name of the beneficiary to anyone you want to designate as your beneficiary.
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