co owned life policies

by Chuck
(Alberta Canada)

Hello,

is a co owned life insurance policy looked at as insuring your own life or the other owner? Reason being, if you are in fact insuring your own life there is unquestioned insurable interest in you own life, if you are insuring a spouse insurable interest could end with divorce.
thank you

Insurable Interest


Hi Chuck
Once the policy is set up, the insurer will honour the death claim in a case like this.

Hope that helps

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Note: Always speak with a licensed insurance professional about your specific situation. This insurance information is general in nature and the policy wordings always take precedence. It is possible that there are errors and omissions in this website and www.canada-insurance-source.com, or its authors, take no responsibility.

Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. Canada Insurance Source is a free information source. So use this site to gain a general understanding of insurance with your own area and situation in mind.  Make sure you review the "please read" page. Always speak with a licensed insurance professional about your specific situation.

Always speak with a licensed insurance representative about your specific situation.

This site is general in nature and there may be errors or ommissions

Please Read

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