Spouse life insurance is a simple and affordable way to ensure that if something happens to either spouse, the other spouse will be okay financially. It doesn’t matter if one spouse or partner earns an income. Both spouses contribute in other ways, like by providing services or helping out with the children. When you think about the income and services your spouse provides, it can be hard to figure out how you would finance replacing that income or paying for those services if something happened to your spouse.
The Importance of Spouse Life Insurance
If your spouse were no longer in the picture, you would have to pay for housekeeping, laundry, meals, and transportation for the children. Life insurance would give you the money to hire people to do the things they used to do every day. Almost everyone should buy life insurance. If you have a lot of money saved up, it might make sense to spend some of that money on life insurance, but it is usually better to keep that money saved so you can have a comfortable retirement.
When shopping for life insurance, you should consider the different types of policies, such as term life insurance and whole life insurance. Term life insurance is likely to be more affordable than permanent insurance. Permanent insurance usually has a higher monthly premium. A whole life insurance policy is permanent, meaning the insurance company cannot cancel the policy as long as you keep paying your premiums. The premiums also help build a cash value account, which earns tax-deferred interest.
How to Get Affordable Spouse Life Insurance
There are five different ways to get affordable life insurance for your spouse:
| Option | Description |
|---|---|
| Employer-sponsored life insurance | A spouse employed full-time can get life insurance from their employer. The insurance is either free to the employee or provided at a heavily discounted rate. |
| Spouse rider | If you are an employee of a company, you can add your spouse to your life insurance policy for a discounted rate. |
| Buying in the open marketplace | It might make financial sense for you and your spouse to buy a policy from a private insurance company. This is because private companies usually offer more policies than employers do. |
| Joint life insurance | A policy that covers two people and is popular for couples. Joint coverage is usually only offered to married couples or domestic partners. |
| No medical exam policies | Many life insurance policies don’t require a medical exam. You may get free quotes for your spouse’s life insurance from various companies if you contact them via the internet. |
When choosing a life insurance policy, it is important to consider your individual needs and situation. Talk to a licensed insurance professional who can help you find the best policy for you and your spouse.
Spouse life insurance is essential to ensure that your family is financially secure if something happens to your spouse. By considering the different types of policies and shopping around for the best rates, you can find affordable options that meet your needs.
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Article Sources
- Investopedia. Is Life Insurance Worth It?
- Investopedia. Is Life Insurance Worth It?
- Bankrate. Do I Need Life Insurance?
- The Guardian Life Insurance Company of America. Buying Life Insurance With Your Spouse
- Bharti AXA. Benefits Of Gifting Term Insurance To Your Spouse