Marty Weishaar is a respected insurance industry analyst and advisor who helped create one of the life insurance industry's first ELearning Centers at Efinancial.com. The Efinancial Learning Center contains hundreds of helpful articles and calculators to educate today's insurance shopper and help them make the best decisions for the financial health and future of their family.
Purchasing life insurance for another party can be a rather touchy issue. There is always the matter of how the person will take the issue and this can be rather uncomfortable for someone who is sensitive by nature. This is just one of the things that you will need to think about before purchasing life insurance as a gift. Since the gift of life insurance is not your typical gift idea, there are some important factors that you will need to take into consideration.
First and foremost there is the matter of how well you know the person that you are planning on purchasing the life insurance for. It is best to not purchase a life insurance policy for the spouse of a child. In the event of a divorce between the two parties you are out a lot of money and it could be viewed in poor taste in the end. Of course the same holds true for many relatives as well. If the person that you are purchasing the life insurance policy for views the gift as something mean spirited then you have a problem on your hands. This can cause a lot of family problems if you are not careful even if the gift of life insurance was meant with a pure heart.
Also you should consider the fact that some people are not insurable in the eyes of life insurance companies. There is the matter that you could be involved in a problem that could be viewed as fraud if you purchase a life insurance policy for someone who is very ill or what have you. This is a matter that most of the life insurance companies will take very seriously and you may find yourself in a situation that involves the law.
Giving the gift of life insurance should be something that is discussed between you and the intended receiver. This will avoid all of the problems that can occur and also give you a better idea of how much you should plan on spending.
Life insurance makes a great gift for the person that has just purchased a new home. In this case it will help to ease the mind of the person that their family will be protected in case something happens to them.
There is also the matter of someone who is having a new child. This is one of those times when the gift of life insurance is very appropriate. There is nothing more honorable than protecting the family and child in case disaster strikes.
Be cautious when giving life insurance as a gift and make sure that it will be received in the manner which you intend.
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