The Long Read
Everything you *need to know* is right above this. Scroll down, only if you'd still like to read more (honestly, why?)
No, you cannot make your same-sex partner your term insurance nominee. Here’s why:
You need to be able to prove their insurable interest in you to your life insurance company
This means you must prove that your partner is financially dependent on you and your sudden demise will create a lot of financial crisis for them
It’s extremely difficult to do that in the absence of a legal relationship like marriage or business partnership
Good news! Yes, you can because when there’s a Will, there’s a way, pun intended!
Here’s what you can do:
Make your parents, or children the nominee
Then, create a Will
Mention in your will that your nominee is only a recipient
Clearly state your partner’s final and indisputable right to receive the money
Pro tip: Register your Will to avoid any legal disputes between your nominee and your partner.
This will of course vary on a case-by-case basis. Talk to your legal counsel for guidance.
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