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I want to have a life insurance policy and add my fiancée as…

I want to have a...
I want to have a life insurance policy and add my fiancée as one of the beneficiaries. The Insurance company is asking me: "insurable interest exists/what financial loss will be incurred by the person(s) listed as beneficiary if you die?" What does this mean?
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Answered in 1 minute by:
12/21/2017
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 14,105
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today. Because I want to provide you with the most accurate answer possible, do you mind if I take a moment to review your question?

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only.

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Thanks for your patience. Generally, what they are wanting to know is what is your fiance going to lose if you die. Because you are not married, your fiance is not entitled to any of your property if you die. So, it is likely that the underwriters want to know what they would lose if you die. For instance, if you live together, and you're working, your fiance would lose part of your income to help pay the rent or the mortgage. Additionally, your fiance may also lose the chance to make car payments or any other property you currently share. Does that make sense?

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Customer reply replied 7 months ago
Thank you for your response. We are not married, we do not share any property, and she would not lose any of my income. So, how does my answer impact their insuring me or not?
Customer reply replied 7 months ago
Essentially, no insurable interest exists / no what financial loss would be incurred.

I see what you mean. They may or may not decide to insure you if this is the case or what's more likely is that they're simply trying to gain this information to determine the price of your policy or they just need it for their own data collection so they can add it to their actuarial tables that they review each year. I would ask them for why they need this information because I would only be speculating. What other questions did you have for me?

Legal Eagle
Legal Eagle, Lawyer
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