black people and money

Yolanda Spivey: Can I Insure My Baby Daddy?

Yolanda Spivey: Can I Insure My Baby Daddy?

By Yolanda Spivey

A common question that I’m asked in my practice is, “Can I insure the father or mother of my child?” This is a very important question to think about. And before you answer that question, ask yourself, what would I lose in the event that this person passes away?

Typically, individuals will purchase life insurance in order to financially protect their loved ones in the case that the inevitable happens—they die. But you really should think about your child’s other parent and how that would adversely affect your child if the parent’s income is no longer there to support your household.

And what about taking out life insurance on a relative, such as a parent, uncle, aunt, cousin? Can you insure them too?

Well, the only way you can purchase life insurance on another person is if you have an insurable interest in them.

Insurable interest means that the lost of that person would have an adverse effect on you financially. This is required by insurance companies because they don’t want anyone gaining financially from a policyholder, especially if that person is not in your immediate family. So if that person has no bearing on your finances then you can not take out a life insurance policy on that person.

There was a time when people were allowed to take out life insurance on someone else’s life without having to prove insurable interest and they got rich like fat cats. But during the 1980s, at the height of the AIDS epidemic, that practice was changed. Further, there were reports of people taking out insurance on strangers’ lives, only to later kill them and collect on the policy.

So yes, you can take out life insurance on your child’s mother or father. Also, you can take out life insurance on a parent too. After all, if they were to pass, the financial burden of burying them would lie in your hands. This is also true for a cousin, nephew or other family member who may be close to you as well.

Keep in mind the following:

1. The person must know that an insurance policy is being taken out on them.

2. They must agree to take any medical exams that are required by the insurance company.

3. They must sign off on the policy.

The only time an insurable interest must not be proven is if a parent purchases life insurance on his/her minor child.

Remember, if you purchase life insurance on another person’s life without their consent, that’s fraud and you’ll be subject to fines, penalties, and maybe even an arrest.

I’m here to answer any insurance related questions you may have. Please send all questions to me at and don’t forget to visit us on the web at

Yolanda Spivey is the owner of Michael Whitney & Associates and writes on a variety of topics. Please visit her on the web at and or email her at

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