Spouse Life Insurance: Why Buy It?

Shawn Plummer

CEO, The Annuity Expert

Spousal life insurance is a form of life insurance that covers an individual’s partner or spouse. For example, suppose you are the named beneficiary of a spouse’s life insurance policy, and their death results in financial loss to you and your family. In that case, you will very likely get the money from their life insurance policy payout.

Life Insurance Can Protect You and Your Spouse

To guarantee that your surviving spouse and beneficiaries are not left with overwhelming financial obligations in the case of either of you dying, you and your spouse may purchase life insurance. Even if your spouse doesn’t work, they retain the value that should be insured.

Keep in mind that your spouse must give consent for you to get life insurance on their behalf, and they may also be required to submit to a medical examination.

How to Buy Life Insurance for a Spouse

There are three primary ways to get a life insurance policy for your spouse.

Life insurance through your employer (Voluntary Spouse Life Insurance)

If your employer has a group life insurance plan for staff, there’s a good chance you can join your spouse in it as well. The main drawbacks are that company-sponsored life insurance plans are frequently modest in value, and if your job ends, so does your policy.

Add Spoousal Coverage To Your Life Insurance Policy

A “rider” is a supplement to a life insurance policy that can expand the coverage in several ways. For example, some insurance companies may not offer spousal riders, and specific health issues might prevent your spouse from taking them.

Purchase An Individual Policy For Your Spouse

You may get free quotes for your spouse’s life insurance from various companies if you contact them via the internet. Some of these alternatives might even be “no medical examination” policies, which means your spouse won’t have to undergo any tests to obtain their coverage. Instead, the policy could be issued depending on the applicant’s responses to health questions requested during the application process.

Why Buy Life Insurance On Your Spouse?

There are several compelling reasons to purchase life insurance on behalf of or with your spouse and designate yourself as the beneficiary, just as there are a variety of compelling reasons to get life insurance on oneself.

Your spouse is the breadwinner

It’s advisable to buy life insurance if your spouse’s income would put a strain on you or the family. The payment from the policy can help you and any kids continue to fulfill financial obligations such as rent, mortgage payments, bills, college tuition, food costs, and other expenses should your spouse pass away.

The loss of your spouse affects household spending

In any case, even if you don’t rely on your spouse’s income, you may still be financially reliant on them in a more indirect way. For example, if your spouse is a homemaker, you’d need to pay for daycare. But, again, the payment provided by a life insurance policy might assist with these costs.

Shared Debt

If you and your spouse have a mortgage together, are co-signers on auto loans, have joint credit cards, or other linked debts, you’ll be responsible for these obligations after your spouse dies. A life insurance payment may aid in the settlement of your spouse’s share of these obligations.

Find The Best Life Insurance Coverage At The Cheapest Cost!

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Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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