Losing a loved one is one of the hardest things anyone can endure, especially when it’s your spouse, which is why spouse life insurance is so crucial. It’s amazing how many families operate daily with only one spouse having life insurance coverage in place. In many family units, the financial responsibilities are split down the middle, while other families may only operate with only one breadwinner. However, despite who does what I will help to explain the importance of spouse life insurance for everyone. Even if a husband or wife does not work, they still provide economic value to family, and often times this value would be very expensive to replace financially.
Spouse life insurance provides the financial means necessary in the event of a tragedy at any age. The odds are, most spouses will not pass away at the same time. This leaves the surviving spouse to take on all the responsibilities of the other spouse. Money can not help bring somebody back, but it can help soften the financial blow. A spouse life insurance policy is very easy to setup, and many different coverage options exist for spouses.
Spouse life insurance doesn’t necessarily have to be for couples who share large bills or have children. For example, my fiance and I do not have any children, but we still have substantial life insurance policies on each other. First of all, we recognize how cheap it is to purchase life insurance while we are young and healthy, versus what it would cost us later in life when we think we actually “need it”.
We also understand our day to day bills would be very challenging to meet if we were stripped down to only one income. Many people don’t come to the realization your income stops when you pass away until it’s already too late. This is the main reason we have spouse life insurance policies on each other. It would be tough for us to pay the mortgage, car payments, insurance payments, and continue to eat if we were only relying on one of our incomes. This is a prime example of how spouse life insurance is important even if you don’t have children.
One of the biggest debates in the life insurance industry (outside of term vs. perm) is whether or not a stay at home spouse life insurance is a necessity. Those against it are correct when they state one of the primary reasons for life insurance is to protect an income. And if a stay at home spouse doesn’t earn any income, then do they really need life insurance coverage?
In my opinion, if someone is a stay at home spouse the family recognizes they represent more value to the family by staying at home with children than they do earning money in the workplace. If that’s the case than they represent a huge economic value to the family. Just do some research how much it would cost to hire someone to do everything a stay at home spouse does. It would be more than the average wage someone could earn in your city I’m betting. If you wouldn’t be prepared to pay out of pocket for it than life insurance is needed in your situation.
Spouse life insurance can provide the money to make sure the breadwinning spouse can remain in the workplace while someone is hired to come in and perform the remaining duties.
If you don’t have life insurance on the breadwinner than you are taking on too much unnecessary risk.
Your situation would be devastating if all income altogether stopped coming in to the family unit. Life insurance provides the protection necessary just in case the worse happens.
As I mentioned, spouse life insurance is one of easiest policies to design. The insured is the spouse, and the beneficiary is the other spouse. These policies are very common and can be designed using either term life insurance or permanent life insurance depending on your financial goals and/or budget. To get an idea of how much a spouse life insurance policy would cost you can use our online quoting tool. If you like what you see, you can even start the application process online.