Affordable Life Insurance Protection for Your Family
Can I Buy Life Insurance for My Spouse?
This is one of the most common questions about life insurance.
Good News – Yes you can buy life insurance on your spouse. If you’re married, you have an Insurable Interest in your spouse which is required in order to purchase a life insurance plan on someone else.
I’m shopping for a life insurance policy but I’m not sure if I should get coverage for my spouse, too. How do I decide if I need life insurance coverage on my spouse?
Does Your Spouse Work and Earn a Salary?
How would you pay for all of the work your spouse’s does to take care of your home and family should he or she pass away? Your spouse may cook, clean, run errands, watch the kids, take them to the doctor, to their sports practices and play dates, etc.
There are several things to consider for spousal life insurance.
Many families purchase life insurance for their spouse to protect a few main concerns, including:
Replacing Your Spouse’s Income and Paying Off Debts
These concerns are generated for the following reasons:
The Survivor’s Financial Responsibilities If a Spouse Dies
Many people are not aware they are responsible for their spouse’s debt at time of the spouse’s death.
Actually, all of a person’s debts are due at the time of death. This means that if you are unable to pay your deceased spouse’s debt, creditors have the legal right to pursue legal action.
It’s a common cause of bankruptcy.
It sounds harsh but it’s true.
This situation applies to a mortgage, a car loan, medical bills, or any debt that is outstanding.
This is why financial advisors advise purchasing insurance on your spouse and vice versa as your family’s safety net. Life insurance isn’t meant to make you better off financially, but allow survivors to maintain their standard of living.
How Involved Will Your Husband or Wife Be in The Application Process for Life Insurance?
Men may be somewhat fearful of facing their mortality and distrustful of doctors. They often avoid getting a medical exam until something is wrong.
If your husband is willing to complete a free, in-home physical exam including a blood and urine sample, he may qualify for affordable coverage.
If not, he may qualify for a non-medical option for life insurance. Those plans allow you to apply online and start coverage the same day, if qualified. There are some health questions that will need to be answered.
If your spouse doesn’t want to take an exam or answer any health questions, there are "guaranteed issue" life insurance plans available for people ages 45 to 85. Your spouse will need to sign the application for coverage.
Protecting Your Family from Loss of Spouse’s Income
A primary reason for purchasing life insurance on a spouse is to replace the loss of their future income.
For example, let’s say you’re a stay at home mom and your husband makes $6,000 dollars a month. After taxes, this is roughly $4,200 a month take home.
In this situation, if your husband passed away, your family would be without the $4,200 dollars a month needed to pay utilities, put food on the table, put gas in the car, etc.
You can use a needs calculator to help you determine the appropriate amount of life insurance.
You may also want to consider life insurance for your stay-at-home spouse.
Buy Young, Get More Coverage and Pay Less
The younger you are when you buy a life insurance policy, the more years of potential income you’ll need to replace.
The younger you are,
the lower your rates will be, since insurance cost is based on mortality risk.
And, the younger you are the lesser the chance of you passing away in the near future. This means, you can lock-in a lower annual premium for your coverage if you purchase a policy while you are young and healthy.
Life Insurance Quotes
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