Abstract
“If a Child, a spouse, a life partner, or a parent depends on you and your income you need life insurance” The famous quote by Susan Lynn Orman, American Financial advisor & Author very well explains the importance of Life Insurance. If you have financial dependency from your child, spouse, a life partner or a parent then you need to have a Life Insurance considering the uncertainties associated with one’s life. On one hand while the quote is stressing on the importance of insurance on one’s life, on the other it raises so many debatable questions because of the use of the word Spouse as well as Life Partner. The question of Life Insurance becomes more important in light of the changing dynamics of the institution of marriage and present generation’s shift towards Live-in-Relationship. The Paper aims to analyze the insurable interest concept vis-à-vis contemporary issue of allowing partners to insure each other’s life in case of a Live-in-Relationship. The paper also focuses on the current situation of insurance sector for couples in Live-in-relationship along with suggestions and solutions for the same.
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