life insurance

[positive]

In Uk how could a spouse take life insurance out for his wife without her knowledge
how could a company take out life insurance for its employees without their knowledge

[Kati]

Re: life insurance

http://www.insure.com/articles/lifei...-policies.html

have a read of this :tinysmile_grin_t:

[des8]

Re: life insurance

Not quite sure what you are asking.
If it is about a person (A) insuring another's life (B) for the benefit of (A) this is known In the UK as "life of another" insurance and was made illegal in about 1770, partly because it was speculative gambling.
The Act was designed to stop "mischiveous kind of gaming"
"Life of another" insurance is only available in the UK to those who have an insurable interest in the life or death of the insured and case law has limited this interest to that arising from natural affection between spouses. This has been extended to Civil Partners by Civil Partnership Act 2004.
An employer wishing to take out "Key Man Insurance" has to show an interest arising out of a potential financial loss recognized by law,
and the sum insured is limited to that amount.

The proposal forms normally have to be completed by the person whose life is being insured so it is difficult to see how a policy can be effected without the knowledge of the life insured.

There are consultations going forward about extending "Life of another" to children under 18 and to cohabitants.

Companies do however effect group life policies on a blanket basis for their staff, but these are benefits for the staff and would be mentioned in staff handbook. There would be no point in doing this in secret.

Scottish law is different