Insurable Interest
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Insurable Interest
Can I take out an insurance on the co-owner of a property without their knowledge?
Asked on June 28, 2009 under Real Estate Law, Massachusetts
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
In order to take out a life insurance policy on someone else, the purchaser must have a reasonable expectation of profit or benefit from the continued life of the insured, i.e, an insurable interest. Although most people think of the familial relationships for insurable interest - husband/wife, child/parent, etc., a business relationships or financial dependency can create an insurable interest. There should be an economic benefit from the continued life and good health of another which creates an insurable interest in that person’s life.
You state here that you are co-owners of property. This could conceivably create financial dependency. However, I am not admitted in Massacheusetts and honestly, you will not know unless you try. Go and see a broker and see if your relationship creates the insurable interest. There are many questions that you will be asked so that they can be sure it exists. If it does not exist there is no policy.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.