Compare Life Insurance Companies That Don’t Require an Insured Signature (2022)

Life insurance policies are complicated and require medical exams and stacks of legal paperwork. If you are looking for life insurance companies that don’t require an insured signature, you may be out of luck. Most life insurance companies work hard to protect their customers, and requiring a signature from the insured is a crucial defense against fraud. We make it easy to find the right life insurance company for any situation.

If you’re not sure how life insurance works and how a signature protects you, we have the answers. In this article, we will explain why life insurance companies require a signature and when and how you can take out an insurance policy on someone else.

Read on to learn more about how an insured signature can protect your family. For more information, enter your ZIP code below to explore quotes from top life insurance companies near you.

Why do life insurance companies require an insured signature?

Can you take out a life insurance policy on someone without their knowledge? This type of secret life insurance policy is what an insured signature protects you from. Taking out a life insurance policy on somebody without their knowledge, while possible, is not easy. Fortunately, this is mostly just a plot device for movies and books. Buying a term or whole life insurance policy on someone requires specific legal requirements and medical evaluations that require the insured’s permission.

What happens when the insured cannot provide a signature? Sometimes a life insurance policy may need to be taken on an individual incapable of legal consent. In this case, you would need to prove that you are the insured’s legal conservator, parent, or guardian.

Life insurance companies that don’t require an insured signature usually apply when the insured is a minor.

Parents and guardians often take out a life insurance policy on their minor children, who cannot give consent. Once the child becomes an adult, they can ask their parents or guardians to transfer the life insurance policy to their name.

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What is insurable interest?

The policy seeker must also demonstrate that the insured’s passing will cause significant financial distress to the beneficiary, called an insurable interest. Insurable interest occurs in family relationships, marriages, and business partnerships.

This situation differs from a death that causes emotional distress. One example may be losing a cousin who is your close friend. You are family, and you experience grief upon their passing. Still, if your cousin in life was not financially supporting you, then there is no insurable interest.

In a marriage, one spouse may provide all of the income while the other contributes in non-financial ways, such as child-care or home maintenance. Losing these contributions would impact the beneficiary financially, demonstrating insurable interest.

A life insurance policy can be for somebody who is not a relative as well. Business partners often have life insurance policies for one another. This agreement is a good idea in cases where the death of one business partner could damage the company financially. Having mutual whole or term life insurance coverage can ensure the business will continue to run if one partner passes. Check rates for life insurance companies near you to protect your business.

Could someone have a secret life insurance policy on me?

Life insurance companies that don’t require an insured signature are impossible to find. Fortunately, there are other barriers to fraud as well. When you take a life insurance policy out, the insured person will often need to submit to medical examinations like blood draws and physicals. Not all states require a medical exam before providing a life insurance policy, but life insurance companies require an insured signature in every case.

What happens in the unlikely chance that somebody takes out a secret life insurance policy on you? There are ways to determine if somebody has taken out a fraudulent life insurance policy on you. First, pay attention to offers you receive over email, mail, or SMS. You will likely receive pamphlets or special offers from the company or third-party partners. Paying attention to what appears to be junk mail or spam can hint at a possible life insurance policy fraud. Life insurance fraud can land you in jail.

Another way is to explore the possibility of identity theft. Suppose somebody has stolen your identity and taken out a life insurance policy, making them the beneficiary. In that case, you will likely see unexplained charges in your bank account or mysterious accounts on your credit report.

What happens if you do discover a life insurance policy in your name? The first step is to contact the authorities in your state and report insurance fraud and identity theft. Call the life insurance company to confirm the forged signature is not your own and close the policy. If you discover a secret life insurance policy in your name, speaking with a lawyer to pursue remedies is a good option.

Life Insurance Companies Require Insured Signatures

There are no life insurance companies that don’t require an insured signature. On top of that, almost all life insurance companies require a medical evaluation before initiating the policy. A life insurance policy is a lot to think about, but it can give you peace of mind knowing your loved ones won’t struggle financially. If you are wondering how to protect your loved ones best after you are gone, speak with a life insurance expert to help answer your pressing questions.

Discover how an insured signature can protect your family’s future and compare quotes from top life insurance companies today. Enter your ZIP code below to compare life insurance companies near you.

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