When you are planning for the future, it is important to consider buying life insurance for your spouse. Purchasing life insurance for your spouse guarantees your financial stability if they die. Here, we will state the reasons why you need to buy life insurance for your spouse. We will explain how you can buy life insurance for your spouse. The disadvantage of purchasing life insurance for your spouse will also be listed.
Why you should buy life insurance for your spouse
- Protection from loss of income- If your spouse dies, the life insurance benefits replaces the lost income.
- Provision of funds for funeral costs.
- Provision of resources to pay any debts owed by the dead spouse.
- If your spouse was unemployed and cared for the home and children, the insurance benefits can pay for someone else to render these services.
Ways to get life insurance for your spouse
- Add your spouse to your life insurance policy: By including your spouse, they get insurance coverage, but you pay more. Also, if you die, they no longer have coverage.
- Buy life insurance for your spouse via your employer. Some employers allow their workers to pay for group term life insurance for their spouse. The downside of this method is that if you lose your job, the policy is void.
- Purchase a life insurance policy for your spouse. You can purchase a term life insurance policy, permanent life insurance policy or a no-exam life insurance policy for your spouse.
You will need your spouse’s personal information and means of identification to purchase any of these policies.
Disadvantages of purchasing life insurance for your spouse
- Expensive to maintain- If you and your spouse have purchased life insurance policies, the cost of the premium could strain the family’s finances.