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In that case, how can a bank be named a beneficiary of a life insurance policy I purchased when I borrowed money to buy my home?

April 26, 2017Bank Beneficiary borrowed buy Case Life Insurance money named policy

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In that case, how can a bank be named a beneficiary of a life insurance policy I purchased when I borrowed money to buy my home?

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The beneficiary must be able to satisfy the insurable interest requirement. If you borrow money from the bank to purchase your home, the bank would have a financial, and consequently insurable, interest in your life.