How to Buy a Life Insurance Policy on Your Spouse (2026 Step-by-Step Guide)

Buying a life insurance policy on your spouse can feel confusing—especially if you’ve never done it before.

• Who owns the policy?
• Do you need their permission?
• What type of policy makes sense?

The good news: buying life insurance on your spouse is completely legal, common, and often a smart financial move—as long as you do it correctly.

This guide walks you through exactly how to buy a life insurance policy on your spouse, what’s required, and how to get the best possible rate without headaches.

👉 Want personalized options right now?

You can request a free, no-obligation life insurance quote in minutes.

Can You Buy Life Insurance on Your Spouse?

Yes—you can buy life insurance on your spouse as long as you have "insurable interest."

Insurable interest simply means you would experience a financial loss if your spouse passed away. Most married couples easily qualify because of shared income, debts, children, or household expenses.

However, your spouse must be aware of the policy and give consent. Life insurance cannot be taken out secretly.

What You Need to Buy Life Insurance on Your Spouse

To purchase a life insurance policy on your spouse, you’ll need:

• Your spouse’s knowledge and consent
• A signed application
• Basic medical history
• Possibly a medical exam (depends on age, coverage amount, and policy type)

💡 Many modern policies now offer no-medical-exam options, which can speed things up significantly.

👉 Check if your spouse qualifies for no-exam coverage—request a free quote today.

Step-by-Step: How to Buy a Life Insurance Policy on Your Spouse

1. Decide Who Owns the Policy

You can choose to:

• Own the policy yourself (you control it)
• Have your spouse own it
• Co-own the policy

Most couples choose one spouse as owner and beneficiary for simplicity.

2. Choose the Right Type of Life Insurance

Term Life Insurance

• Best for most families. Affordable coverage for 10–30 years.

Whole Life Insurance

• Lifetime coverage with cash value. More expensive, but permanent.

Universal Life Insurance

• Flexible premiums and benefits. Often used for long-term planning.

📌 Most people buying life insurance on a spouse choose term life for maximum coverage at the lowest cost.

3. Determine How Much Coverage You Need

Ask yourself:

• Would I struggle financially without my spouse’s income?
• Who would pay the mortgage?
• What about childcare, debts, or future expenses?

A common guideline is 10–15× annual income, but everyone’s situation is different.

👉 A quick quote can help you dial in the right coverage amount—free and obligation-free.

4. Apply and Get Approved

Once the application is submitted:

• Your spouse may complete a medical questionnaire
• A medical exam may be scheduled (if required)
• Underwriting reviews the application

Approval can take a few days to a few weeks, depending on the policy.

5. Name Beneficiaries and Activate Coverage

Once approved:

• Choose primary and contingent beneficiaries
• Pay the first premium
• Coverage goes live

That’s it—you’ve successfully purchased life insurance on your spouse.

Can You Buy Life Insurance on a Stay-at-Home Spouse?

Absolutely—and it’s often overlooked.

A stay-at-home spouse provides enormous economic value through childcare, household management, and daily support. Replacing those services can be costly.

Life insurance can help cover:

• Childcare or nanny costs
• Household help
• Time off work to adjust

👉 See how affordable coverage can be—even for a non-working spouse.

Get a free quote.

How Much Does Life Insurance on a Spouse Cost?

Costs depend on:

• Age
• Health
• Gender
• Tobacco use
• Coverage amount
• Policy type

Example:

• A healthy 35-year-old might pay less than $30/month for $500,000 in term life coverage.

Rates vary widely, which is why comparing options matters.

👉 Request a free life insurance quote to compare top carriers instantly.

Common Mistakes to Avoid

    ❌ Waiting too long (rates increase with age)

    ❌ Buying too little coverage

    ❌ Assuming employer coverage is enough

    ❌ Not naming backup beneficiaries

Avoiding these mistakes can save your family thousands—and prevent serious financial stress later.

Is Buying Life Insurance on Your Spouse Worth It?

For most families, yes.

Life insurance protects:

• Your income
• Your home
• Your children’s future
• Your peace of mind

It’s not about expecting the worst—it’s about being prepared.

Get a Free Life Insurance Quote for Your Spouse

You don’t need to guess or overpay.

    ✔ Compare multiple carriers

    ✔ See real pricing instantly

    ✔ No obligation

    ✔ Takes just a few minutes

👉 Request your free life insurance quote today and protect what matters most.

Compare Life Insurance Quotes

Top Pick – JRC Insurance Group

JRC Insurance Group helps you shop, compare and save on life insurance protection. Regardless of your age or health background, we'll shop our 63 top 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.

Resources:

• What is a Term Life Insurance Policy?
• Term Life Insurance Pros and Cons
• Term Life Insurance FAQs
• Term Life vs. Whole Life Comparison
• A.M. Best Company: Compare financial strength ratings of life insurance companies
• Life Happens.org
• Investopedia

About Our Methodology

Reviewed By: President of Term Life Online – AU, AAI, ARM

• 30+ years of experience in insurance planning

How We Keep This Guide Accurate: We regularly updates our content to reflect the latest rates and industry trends. We are committed to providing transparent, unbiased information to help you make the best decision for your family.

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Disclaimer: This is for informational purposes only. Consult a licensed professional for advice.