Who can Purchase Coverage?
In most cases, when you are purchasing insurance for yourself, you are all of the above. Specifically related to Divorce Insurance, the beneficiary (the person who receives the money when a claim is paid) is always the “insured.” However, the “policy owner” (the person who pays for the policy) does not have to be insured. In some cases, spouses buy policies for each other. In other cases, mothers and fathers may buy policies for their sons and daughters. In the latter case for example, a father (the policy owner) might buy a policy for his daughter (the insured). The father is paying for the policy, but in the event that his daughter has a divorce, she would be the insured. The term “Policy Holder” could refer to either the policy owner or the insured under different circumstances. In general, the policy holder refers to the person who owns (or holds) the policy for themselves or another family member, or the person filing a claim. Policy holders must have an insurable interest in the
