Can I buy life insurance on my spouse or domestic partner?
Yes, you have an insurable interest in your spouse or domestic partner, so a life insurance company would allow you to buy life insurance on either one.
However, in order to buy life insurance on another person, you may need their approval/permission, their signature on the application, and the person may need to answer some health questions or even take a medical exam.
When you take out life insurance on someone else, you are the owner and responsible for paying the premiums, and you get to choose who is the beneficiary of the life insurance policy.
So, for instance, if you are insuring your spouse or domestic partner, you would probably want to name yourself as the beneficiary who would receive the death benefit if the person you are insuring were to die.
In addition, you may want your spouse or domestic partner to buy life insurance on your life as well, since both of you contribute to your household and provide in different ways. That way, if either one of you passed away, the other would not suffer financial difficulties.
Learn more about life insurance for your spouse or domestic partner.