KingRevolver Posted February 28, 2017 Report Share Posted February 28, 2017 Some broad I'm close friends with said we should take out life insurance policies on each other. She was kinda laughing, but she was serious. So, let's say we get a $250k policy. If she croaks, I flat out get $250k? Quote Link to comment Share on other sites More sharing options...
IAG Posted February 28, 2017 Report Share Posted February 28, 2017 No. You can't take it out on anyone you'd like. You have to have an insurable interest meaning that you have to be dependent on them for income in some way. Quote Link to comment Share on other sites More sharing options...
jasson621 Posted February 28, 2017 Report Share Posted February 28, 2017 Good Lord Dateline here we come Quote Link to comment Share on other sites More sharing options...
IAG Posted February 28, 2017 Report Share Posted February 28, 2017 Good Lord Dateline here we come Hahahaha Quote Link to comment Share on other sites More sharing options...
Guest pocketrockets Posted February 28, 2017 Report Share Posted February 28, 2017 I need WEAVE insurance Quote Link to comment Share on other sites More sharing options...
IAG Posted February 28, 2017 Report Share Posted February 28, 2017 PS. I knew this because I looked it up several months ago. I knew it couldn't be that easy. LOL. Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted February 28, 2017 Report Share Posted February 28, 2017 AAA gets horrible reviews Which begs the question, what company provides the best life insurance???? Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted February 28, 2017 Report Share Posted February 28, 2017 To bad poster GABE has checked himself out, Life Insurance Expert Quote Link to comment Share on other sites More sharing options...
bookbraker Posted February 28, 2017 Report Share Posted February 28, 2017 They do medical tests on you for sure. I bought a 20 year policy years ago they send a nurse to your house and do piss and blood tests. You can get term or a whole life policy. I have New York Life Term My friend who sold me the policy told me about another friend who was a customer who took out a policy on his son. They only did urine and a swab of your mouth at that time. He qualified for a policy and bought a multimillion dollar policy. The son was HIV positive at the time but didn't share the info. He died within a couple years and the Dad collected on the insurance. Quote Link to comment Share on other sites More sharing options...
Guest pocketrockets Posted February 28, 2017 Report Share Posted February 28, 2017 Poster adviced I get one of these... need info Quote Link to comment Share on other sites More sharing options...
KingRevolver Posted February 28, 2017 Author Report Share Posted February 28, 2017 No. You can't take it out on anyone you'd like. You have to have an insurable interest meaning that you have to be dependent on them for income in some way. I thought the same thing, but she kept saying any two people could get life insurance. Quote Link to comment Share on other sites More sharing options...
WeinkeToWarrick Posted February 28, 2017 Report Share Posted February 28, 2017 Try google, man. Quote Link to comment Share on other sites More sharing options...
KingRevolver Posted February 28, 2017 Author Report Share Posted February 28, 2017 Try google, man. TGF is my Google. Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted February 28, 2017 Report Share Posted February 28, 2017 TGF > Google How are TGF stock shares holding up?? Quote Link to comment Share on other sites More sharing options...
IAG Posted February 28, 2017 Report Share Posted February 28, 2017 I thought the same thing, but she kept saying any two people could get life insurance.Well, she's wrong. I just checked again to be sure....she probably thinks that because people are always making jokes about taking out life insurance policies on others, but it makes sense that you can't just do it on anyone. Quote Link to comment Share on other sites More sharing options...
barman Posted February 28, 2017 Report Share Posted February 28, 2017 Some broad I'm close friends with said we should take out life insurance policies on each other. She was kinda laughing, but she was serious. So, let's say we get a $250k policy. If she croaks, I flat out get $250k?brocklanders.com Quote Link to comment Share on other sites More sharing options...
barman Posted February 28, 2017 Report Share Posted February 28, 2017 Well, she's wrong. I just checked again to be sure....she probably thinks that because people are always making jokes about taking out life insurance policies on others, but it makes sense that you can't just do it on anyone."I do your murder, you do mine.....Criss Cross!" Quote Link to comment Share on other sites More sharing options...
IAG Posted February 28, 2017 Report Share Posted February 28, 2017 "I do your murder, you do mine.....Criss Cross!"Lol. Quote Link to comment Share on other sites More sharing options...
Dingo Posted February 28, 2017 Report Share Posted February 28, 2017 They do medical tests on you for sure. I bought a 20 year policy years ago they send a nurse to your house and do piss and blood tests. You can get term or a whole life policy. I have New York Life Term My friend who sold me the policy told me about another friend who was a customer who took out a policy on his son. They only did urine and a swab of your mouth at that time. He qualified for a policy and bought a multimillion dollar policy. The son was HIV positive at the time but didn't share the info. He died within a couple years and the Dad collected on the insurance.That's cold Quote Link to comment Share on other sites More sharing options...
Bucky Posted February 28, 2017 Report Share Posted February 28, 2017 Well, she's wrong. I just checked again to be sure....she probably thinks that because people are always making jokes about taking out life insurance policies on others, but it makes sense that you can't just do it on anyone.Only way would be if the man and woman were business partners and they did business insurance because of the ownership and obligations on a mortgage. Or, let's say the chick was a "key man" in a business operation and ran a lot of things it might show an insurable interest that way. I assume you guys are talking the guy owns the policy on the chick and names himself the beneficiary - controls cash value if any and vice a versa. But a guy could very easily buy a life insurance policy on his life and own it and name the girl a beneficiary.She could do the same - end of problem. You just cannot own a life insurance policy on someone else's life without an insurable interest. Quote Link to comment Share on other sites More sharing options...
WVU Posted February 28, 2017 Report Share Posted February 28, 2017 Our King trying to smoke out TTP with this thread. Quote Link to comment Share on other sites More sharing options...
KingRevolver Posted February 28, 2017 Author Report Share Posted February 28, 2017 WVU sharper than most. Quote Link to comment Share on other sites More sharing options...
Bucky Posted February 28, 2017 Report Share Posted February 28, 2017 Cannot own would be a better way to say this than cannot buy! Quote Link to comment Share on other sites More sharing options...
mikeman Posted February 28, 2017 Report Share Posted February 28, 2017 Assuming you could buy the policy(and if for example you two were unmarried but owned a home together, you could buy it), if she died, yup, you would get 250K tax free. Quote Link to comment Share on other sites More sharing options...
Bucky Posted February 28, 2017 Report Share Posted February 28, 2017 You do have to qualify in some regards to buy big amounts. Document Income - home ownership - for example - someone who makes 20k a year will probably be turned down for a $1,000,000 policy. Suicide clauses and a 2 year period of contestability come into play. Someone who is convicted of murdering someone could not collect if they were the beneficiary. The beneficiary designation can be changed by the owner only. Quote Link to comment Share on other sites More sharing options...
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