Life insurance beneficiary

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Life insurance beneficiary

I have placed my significant other as
my beneficiary on my life insurance
policy through my employer. Is there
any reason under Missouri law why she
shouldn’t be allowed to collect this
after my death?

Asked on February 5, 2017 under Insurance Law, Missouri

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

If you are considered to be the owner of the policy, then you can name any you choose as beneficiary of the ploicy. If your significant other tried to take a policy out on you, then they might have a problem since they would have to prove that they had an "insurable interest", which is a demonstrable interest in something that is covered by an insurance policy, the loss of which would cause some type of deprivation or financial loss. For example, the parent of a minor child or as spouse would have such an interest, as would a business partner.


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