Many people have life insurance on the life of someone who is important to them. This is because the loss of a loved one, in addition to being emotionally devastating, can also oftentimes cause financial hardships as well.
Most often, we hear about parents purchasing coverage so that their young spouse and children can go on, ensuring that income will sustain them for many years to come. There are also numerous reasons for older individuals to have life insurance coverage as well. These can include the assurance that retirement income will continue, that debts will be paid off, and that costly final expenses will be paid.
In many instances, when life insurance is purchased, the insured individual is aware that the purchase is taking place. This is due in large part to the fact that the insured will be required to undergo a medical examination as a part of the overall underwriting process, which includes submitting a blood and urine sample. Also, in numerous cases, the insured is also the applicant on the policy.
There are some situations where a senior spouse may wish to purchase life insurance coverage on his or her spouse without their spouse knowing about the coverage. The question is, can this be done?
Is It Allowable to Buy Life Insurance on a Spouse Without Them Knowing About It?
While a person’s intentions may typically be good, it is not possible to purchase life insurance on a senior spouse without them knowing. In addition to the medical exam issue, there are a number of other reasons for this, such as:
- Signature – Most life insurance applications will require an insured to sign a consent form for the release of their medical information. This is because an insurance company will oftentimes want to review an applicant’s medical records from his or her primary care physician and / or any specialist that they may see for certain health conditions. Even a life insurance policy that does not require a medical exam and / or medical records, however, will still require the signature of the insured – unless the insured is a minor child.
- Insurable Interest – An insurance company will also require that there is an insurable interest between the person being insured and the person who is purchasing the policy (if the two are different). There can be many instances of insurable interest. Marriage certainly falls within this category. Others can include if the policy owner relies on the insured for his or her income – or has any other type of a financial interest in his or her life. So, while a senior spouse will qualify as having an insurable interest, this factor will prevent someone from purchasing coverage without the knowledge or consent of a total stranger.
What About No Medical Exam Policies?
There are some types of life insurance policies that do not require an insured to undergo a medical exam as a part of the underwriting process. With these no medical exam policies, oftentimes an individual will only be required to answer just a few questions on the application for coverage, and a policy will be approved – generally within just a few days, or even sooner. They are typically taken out for people who fall into a high risk classification and cannot pass the full underwriting process.
In such instances, it is also the job of the insurance carrier to conduct its due diligence with all applications that come through. This can help to prevent cases where coverage is taken out on individuals without their knowledge or consent – even if the insured is a spouse or other loved one.
Some Exceptions to the Rule
There may be some exceptions to these instances of purchasing coverage for a spouse without his or her consent. For example, in a group life insurance situation, it may be possible to buy coverage on a spouse – including a senior spouse, provided that he or she is married to the employee / group member – without their knowledge of the coverage.
According to the National Association of Insurance and Financial Advisers, prior to 2006, companies were even allowed to purchase life insurance on the lives of their employees without the employee’s consent or knowledge. However, today, this is no longer the case as this practice is not legal.
How to Obtain the Best Life Insurance Policy Quotes
In order to obtain the best senior life insurance policy premium quotes, it is typically wise to work with a company or an agency that has access to more than just one insurance carrier. This way, you will be able to directly compare the benefits, policies, companies, and premium amounts – and from there, you can determine which will work the best for you and your specific needs.
When you are in the market for life insurance – either for yourself or a loved one – we can help. We work with many of the top life insurance companies in the industry today, and we can assist you with obtaining all of the important details that you need for making a purchasing decision. We can do so for you quickly, easily, and conveniently – all from your home computer. So, when you’re ready to move forward, get a set of life insurance quotes by filling out the form on this page.
If you find that you still have any questions regarding life insurance coverage, our experts are here to provide you with answers to your concerns. We can be reached directly via phone, toll-free, by dialing 877-235-9299. We understand that the purchase of life insurance for a senior spouse can be a big decision. You want to ensure that you are obtaining the right amount of coverage for your needs, yet at a premium price that is affordable. The good news is that you have many viable options. So, contact us today – we’re here to help.