I need help with a question about Life Insurance.?

Question

I was wondering what the law says about a couple, where one has Life Insurance, if he or she can sign it over to the other without being married. I say that they have to be married and my mother says that that you don't. So, which is it?

Answer 1

Are you signing over ownership or beneficiary?

You can change the beneficiary to anyone you want. The insurable interest only applies at the time of the application.

Answer 2

You don't "sign it over", you "name a beneficiary".  And if you own the policy, you can pretty much name anyone you want as beneficiary.  Even me.  Marriage has nothing to do with it.

Mom is right.

Answer 3

"Sign it over"?  The owner of a life insurance policy can designate whoever he/she chooses as beneficiary.  Is that your question?

Answer 4

Benificiaries can be changed at any time to anyone.  

Unless there is an irrevocable beneficiary designation (this is rare - except in Quebec).  In that circumstance the beneficiary must agree to the change

Answer 5

If you're just a couple, and not married, then no, the owner doesn't have to name that significant other a beneficiary for any reason.

Some states used to have common law marriages and recognize them in the law, but they don't do that anymore. However, there have been lawsuits won by significant others under the legal theory of quantum meruit, or "as much as is deserved".

But put simply, NO.