Affordable Life Insurance Protection for Your Family

Buying Life Insurance for Your Spouse Cheap

Learn How to Buy Cheap Life Insurance on Your Spouse

Buy Life Insurance for Spouse Cheap

When it comes to financial planning, deciding to get life insurance for your spouse is a crucial choice that provides long-term protection for your family. Securing affordable life insurance for your spouse requires a smart strategy that balances the need for financial stability with careful thought about the cost of coverage.

If you're looking to secure affordable life insurance for your spouse, our guide is here to help you achieve this goal quickly and easily.

A Guide to Buying Cheap Life Insurance for Spouses

Jump Ahead to These Sections:

Can I Buy Life Insurance for My Spouse?

Yes, you are married, so you have an Insurable Interest in your spouse, which is required to buy life insurance coverage on someone else.

You’ll want to speak with your spouse before buying coverage because he or she may need to answer some health questions, take a medical exam, and sign the application for coverage.

However, there are some insurers that offer instant issue life insurance policies with no exams required, which you can apply for and get insured the same day, if your spouse is healthy and qualifies for coverage.

Make sure your spouse answers all the health questions – don’t guess because it may affect the coverage later on if the information on the application is not correct. Get a FREE Quote.

What is the Cheapest Type of Life Insurance?

The Cheapest type of coverage is Term Life Insurance.

When it comes to choosing the cheapest life insurance available, hands down, term life is by far the most affordable type of policy you can buy, if you need coverage to last for 30 years or less.

In fact, permanent life insurance plans can cost up to five to ten times more per year, compared to the low cost of term life policies.

So, if you want the cheapest coverage you can get for your spouse, choose a term life policy.

Learn How Term Life Insurance Works

Term insurance is temporary life insurance that provides protection for a duration of up to 30 years. However, you may choose a policy term of 10, 15, 20, 25, or 30 years depending on your needs.

The shorter the policy term, the lower the annual cost of coverage.

If your spouse passes away during the policy term, the death benefit is paid out to the beneficiary of the policy, which would be you should you choose to be beneficiary.

The owner of the life insurance policy pays the premiums and selects the beneficiary.

If your spouse outlives the duration of the policy term, the coverage expires, and your spouse is no longer insured. There is no payout of any benefits if the coverage expires.

How Much Does Term Life Insurance Cost?

The Cost (Annual Premium) of a Term Policy Will Depend on Several Factors:

  • The Policy Term: 10, 15, 20, 25, or 30 years
  • The Amount of Coverage: Usually from $50,000 – $2,000,000
  • Your Spouse’s Personal Risk Factors: Age, Gender, Occupation, Hobbies, Health, Tobacco Use, Driving Record, Family Health History, among other factors considered to determine your spouse’s life expectancy.

How to Compare Prices for Life Insurance on Your Spouse

The process of shopping for life insurance premium quotes is really very simple.

You just fill out a quote request form and click on a button to request FREE Quote comparisons.

Your term life quotes will show the lowest prices from a network of 63 leading life insurance carriers.

After filling out the quote request form and clicking the button, you will Instantly see the lowest prices right on your screen. It doesn’t get any quicker or easier than that.

Your price quotes for term life coverage will show you the names of the insurance companies, the amount of coverage offered, the annual or monthly premiums, and the financial strength rating of the insurers. That way you can see the highest-rated life insurers offering the cheapest policies to fit your budget.

You can select the plan that meets your needs and apply for a policy online or over the phone.

How to Save Money on Spouse Life Insurance

Follow these Tips to Save on Coverage:

  • Compare Rates – Pricing for life insurance plans can vary by insurer, that’s why comparing multiple quotes may help you save quite a bit on your coverage.
  • Get Healthy – People in poor health will be charged a higher rate due to a shorter life expectancy.
  • Quit Smoking – Smokers pay more due to increased health risk, such as, lung cancer or COPD.
  • Choose Term Life – Term insurance offers the cheapest type of life insurance you can buy for 30 years of less of coverage.
  • Lose Weight – People who are overweight or obese have a higher risk of health issues, such as, diabetes and high blood pressure, and a shorter life expectancy.
  • Reduce Cholesterol Levels – High cholesterol can lead to other health issues which may shorten your lifespan.
  • Don’t Delay Getting Insured – Locking-in a low rate now can guarantee you have the protection you need at an affordable rate, compared to waiting and then maybe your health takes a turn for the worse and you pay more, or may even be declined for life insurance when you need it most.
  • Annual Premiums – Life insurers offer several premium payment options: Monthly, Quarterly, Sem-Annual, or Annual. Choosing more frequent payment options results in higher overall premiums due to service charges added for the cost of billing and processing multiple payments annually. So, you can save money by choosing to pay your premium once per year on an annual basis. You may want to have the payment automatically deducted from your checking account, that way your coverage won’t lapse due to non-payment, in case you were ever to forget to send in the payment.

How Much Life insurance to Buy My Spouse

When deciding on how much coverage to purchase on your spouse, make sure you take into consideration what goals your want this life insurance benefit to accomplish.

  • Replace Income
  • Pay Off Mortgage
  • Pay for Monthly Living Expenses
  • Maintain Family’s Standard of Living
  • Pay Off Debt – Credit Cards, Auto Loans, Personal Loans
  • Fund Child’s College Education
  • Provide for Your Retirement

Also, if you spouse works, consider how many years of income need to be replaced. Or, if your spouse is a homemaker, think about how much it may cost to hire someone to handle all the jobs around the home for the family your spouse takes care of on a daily basis, and how much you would need to pay someone to do that work.

It may be a good idea to use a term life insurance needs calculator to help you quickly and easily find out how much life insurance protection you really need, so you aren’t paying for more coverage than necessary. That’s one more way to save money and get the cheapest policy to meet your specific needs.

Does My Spouse Have to Take a Medical Exam?

That depends on your spouse’s age and health.

If your spouse’s health is average or above average, and he or she is between the ages of 20 to 60 years old, then you could buy a life insurance policy for your spouse with no medical exam needed, just a health questionnaire to fill out.

However, if your spouse has health issues, then a life insurance policy requiring a health exam may help you get a more affordable policy.

In addition, if your spouse has serious health issues, has been turned down for life insurance in the past, or is over age 75, then a guaranteed acceptance life insurance plan may be an option to consider.

Guaranteed issue life insurance policies offer up to $25,000 of life insurance for people ages 45 to 85. There is no doctor exam required, and no health questions are asked. If your spouse is between 45 to 85, approval is guaranteed, except in New York, which offers guaranteed acceptance for ages 45 to 75.

How to Buy Cheap Life Insurance on Your Spouse

The Process of Buying Life Insurance Includes the Following Steps:

When purchasing a life insurance policy for yourself or your spouse, it is important to determine how much life insurance you need.

You should also review your budget and get quotes from reputable life insurance carriers.

Applying for life insurance usually involves filling out some paperwork (application for coverage), taking a medical examination, and providing your (spouse’s) health history.

Determine How Much Life Insurance to Buy

Choosing the amount of insurance to get is one of the most important decisions when buying life insurance. You want to make sure the insurance policy benefits will help accomplish your goals, such as, paying off the mortgage, replacing lost income, or providing for your child’s education.

Although many experts recommend buying an amount that is equal to 10 times your annual income, you may be better served using a life insurance needs calculator to help you accurately determine your need for coverage.

Choose a Life Insurance Policy

Term life insurance is generally the cheapest kind of life insurance plan while you are young or if you need temporary coverage.

It provides protection over a specific term period, usually between 10 and 30 years. If you pass away during the term, your beneficiaries will receive a death benefit payout from the insurance company.

Once the policy term is over, the benefits end unless the policy is renewable or convertible, which is offered by many insurers. It is important to note your premium will most likely increase with the new term, should you choose to extend your coverage beyond your initial policy term.

Whole life insurance is a type of permanent life insurance policy that provides lifetime protection as long as you continue to pay the premiums.

Whole life has fixed premiums and may build some cash value inside the policy over time. With some whole life policies, policyholders pay their premium until they die, while other policies only require a premium for a certain number of years.

Request Life Insurance Quotes

Fill out a short quote request form to instantly see on your screen the lowest prices available from several leading life insurers.

Choose a Life Insurance Company

Select the company that offers the type and amount of coverage you need, at the lowest price. Make sure the insurer is rated at least "A" Excellent for financial strength by A.M. Best.

Apply for a Life Insurance Policy

You may be able to apply online or over the phone for life insurance on your spouse. You will need to answer some questions including health questions, so you will want your spouse with you in order to complete the application accurately.

Certain life insurance applications can be completed online, offering a generally quick and easy process. However, it's advisable to be prepared by having your medical information ready, including a list of all medications and details about any pre-existing health conditions.

Prepare for Phone Interview

After submitting your application, the insurance company might ask for an additional phone interview. This interview is mainly to confirm the information you provided in your application, and there might be some extra questions.

They could ask about your lifestyle, hobbies, financial situation, income, and any current life insurance policies you have. Usually, the interview is short and, if needed, will be scheduled shortly after you submit your physical application.

Schedule a Medical Exam for Life Insurance

If requested by the insurer, your spouse will undergo a paramedical exam, where a medical professional will come to your home or your spouse's workplace for a 15-20 minute check-up, and the insurance company covers the cost.

Many life insurance providers and policy types require applicants to have a physical examination before getting coverage approved. This medical exam is similar to a regular doctor's appointment, but the insurance company's medical examiner may offer the convenience of visiting your home or office.

During the exam, they usually measure vital signs like weight and blood pressure, and they may draw blood. The entire process usually takes about 30 minutes, and you might have the option to schedule it at the same time as your phone interview.

It's essential to know that not all life insurance policies require a medical exam. Meeting certain criteria could allow you to get coverage approved without an in-person examination.

While this can speed up the approval process, No Medical Exam life insurance policies often come with higher costs because of the increased risk for the insurance company.

* Note: The medical exam is paid for by the life insurance company.

Wait for Approval for Coverage

The approval for coverage may be within 1-2 weeks, or, if a medical exam is needed, it may take anywhere from 2-6 weeks depending on your spouse’s health and exam results. Once you've completed the application process, your part is finished.

The insurance company's underwriter will analyze the information collected from your application, phone interview, and medical examination to assess your eligibility for coverage and determine your premium. Due to the extensive information to be reviewed, the approval process may extend over several weeks.

If you get approved for coverage and are happy with the quoted premium, you will be sent the insurance policy documents to sign and approve. While traditionally, this process is conducted with a physical copy, technology sometimes allows this paperwork to be completed with a digital signature.

You will also decide if you want to pay your insurance premiums on a monthly basis or annually. After all of the policy documents are signed, you might be asked to mail a physical copy to your insurance company.

When Does a Life Insurance Policy Start Providing Coverage?

Your life insurance coverage usually begins upon approval of your application, completion of the policy agreement, and the submission of your initial premium payment.

While the online application for life insurance is a quick process, the underwriting phase, where insurers assess your application, may take five to six weeks. Following underwriting, you will receive a final decision on your policy, and your life insurance will be in effect.

Shop for Life Insurance for Your Spouse

Top Pick – JRC Insurance Group

JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 63 life insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote.

Buy Life Insurance for Spouse Cheap

Buy Globe Life Insurance Online

Disclosure: Compensated Affiliate