A
female
age
51-59,
anonymous
writes:My boyfriend of two years was thinking about Marriage and he wants to set up an insurance policy of one million on my name so that he said, that if he pass away (God forbid) I will have money to start with. Should I agree with this? That this kind of insurance policy works both ways? Like, if I (god forbid) pass away too, can he claim it? He also has 2 homes and he already was planning of giving one to his daughter(of his previous marriage) and the other one for me... What do you think of that? I think its kinda nice that he was thinking about all this but can anyone give me a legal advice about the one million life insurance? I WOULD LIKE TO THINK THAT i CAN TRUST him not to do anything stupid....Thank you
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female
reader, anonymous, writes (7 February 2012): thanks everyone for the answers.. I apprciate it all.. He said the life insurance will be on his name & I will be the beneficiary if hes gone.
A
female
reader, anonymous, writes (24 January 2012): With respect it sounds as if he is planning a funeral not a wedding!
You have said he wants to start a policy `on your name`. That would suggest he wants to insure you.
My advice is do a little research on life policies and how they work. And DO NOT sign anything he asks you to sign until you have had it checked and properly explained to you by a lawyer.
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A
male
reader, Sageoldguy1465 +, writes (23 January 2012):
 I love "life" insurance!!! You bet that you are going to die; the insurance company bets that you are going to live.... Sooooo, if you WIN, you lose; and if you LOSE, you win!!!!
In all honesty, think of it NOT as "life" insurance... but as "ability to make money" insurance.... if either of you should die, then you lose the opportunity that that one of you was going to contribute to what the two of you would have for living income....
As to amount, insure such that the survivor gets all the current debts paid, and some more as a nest egg for the future.....
At your young age, I'd suggest that you consider "term" insurance... Think of it as RENTING an insurance policy... as it will be less expensive than "whole-life" insurance... which will accumulate real cash value.... (The insurance premiums actually accrue as money/value)...
Your choice... but don't fall in to a trap and over-insure...
Good luck.....
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A
female
reader, Ciar  +, writes (23 January 2012):
 If the policy is in your name it means HE collects the million if YOU die. Not the other way round. Any payout would either go to the beneficiary (him if he is listed as one) or become part of your estate.
He may own property but that is no guarantee of financial health. A million dollars seems a tad high if your income isn't anywhere near that.
Call a life insurance broker and ask questions (while you're on your own) before you agree to anything.
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A
female
reader, So_Very_Confused +, writes (23 January 2012):
 NO one here can give you legal advice. you need to contact a lawyer.
if you think that he is taking a policy out on you to kill you then I'd rethink marrying him...
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