Spouse Life Insurance

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

What is Spouse Life Insurance?

Spouse life insurance is a policy designed to provide financial protection for a person’s spouse in the event of their death. This type of insurance can help cover living expenses, debts, and funeral costs, offering financial stability during a difficult time.

Types of Spouse Life Insurance

  1. Individual Policy: A separate life insurance policy purchased specifically for a spouse.
  2. Rider to Primary Policy: An addition (rider) to the primary insured person’s policy that extends coverage to include the spouse.
Life Insurance For Spouse

Spouse Term Rider

A spouse term rider is an add-on to a primary life insurance policy. It provides term life insurance coverage for the spouse for a specified period. The coverage amount and term length vary and are generally less expensive than purchasing a separate policy.

Examples

  • John’s Individual Policy for Jane: John buys a separate $100,000 life insurance policy for his wife, Jane.
  • Emily’s Term Rider for Mark: Emily adds a term rider to her life insurance, providing $50,000 coverage for her husband, Mark, for 10 years.

Related Reading: Can Your Spouse Get Life Insurance in a Divorce

Benefits of Spouse Life Insurance

  1. Financial Security: Offers peace of mind, knowing the surviving spouse will have financial support.
  2. Debt Protection: Helps cover outstanding debts, like a mortgage.
  3. Affordability: Riders are often more affordable than separate policies.
What Is Spouse Life Insurance

Comparison of Individual Policy vs. Spouse Term Rider

FeatureIndividual PolicySpouse Term Rider
CoverageHigh (Varies)Lower than primary
TermFlexibleTied to primary term
CostHigherMore affordable
UnderwritingRequiredMay be simplified
Policy ManagementSeparateLinked to primary

Conclusion

Spouse life insurance ensures financial protection for spouses, offering either through individual policies or term riders. It’s essential to consider coverage needs, budget, and policy management when choosing the right option. A well-chosen policy can provide security and peace of mind. Contact us today for a free quote.

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Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

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

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