Why You Should Insure Your Spouse
You can’t afford to be worrying about what people think when you take out life or funeral insurance for your spouse. Yes, people have hired a hitman to kill their spouse so that they can benefit from the insurance payout. If your intentions are honourable, then you have nothing to worry about. You should insure your spouse, just like you would your children.
Insure Your Spouse – Death Benefit 10 x Your Annual Income?
Insurance can remove that stressful financial burden that comes about when a spouse passes away. One doesn’t want to have children to support and a whole lot of debt. This industry standard recommends that the death benefit of a life insurance policy needs to be about 10x your annual income. If an employer offer a benefit, it may have a cap. Therefore you may have to take out a further policy. This would cover your salary for years after you have passed away.
Nobody can say with absolute accuracy how much insurance you need as each couple or family has their own needs. Things you should take into account when determining an insurance amount are things like medical expenses and funeral costs.
Insure Your Spouse – Contact All Insurers
If a spouse passes away, you will need to contact all the insurers who issued policies to your spouse. These could 
be among others, life insurance, accident insurance, mortgage or loan insurance or insurance from your spouse’s employer. These are all important sources of income for the spouse and other family members who remain.
The Loss of a Stay-at-Home Spouse can Trigger enormous Expenses
Certainly the person who has a spouse who stays at home will want to have life insurance protection. How can any family survive without the breadwinner’s income? When a breadwinner passes away, imagine what a mortgage does to the remaining spouse who may not be working. It can be a debilitating financial burden. Prevention is to have adequate life insurance in place. The death benefit of life insurance can also be used to pay off any other debt that arises from the death of a marital partnership.
The stay-at-home spouse needs to be considered because if something were to happen to the person providing child-care, doing the laundry etc, it could have a tremendous impact on the family. The stay-at-home spouse, once no longer there, will mean looking for alternative child care, and everyone knows that this is a massive cost.
Joint or Dual Life Policy
There is no doubt that you need to insure yourself and your spouse. Your family relies on you for financial support, more so if you have loans or debt that will need to be paid after you have passed away. Some people who have young children decide on a joint life policy which covers two people on the same policy and which will conveniently pay out a lump-sum if either spouse dies. A joint life policy however ends when the first person dies, whereas a dual life policy continues until the second person dies.
Insure Your Spouse – Make Your Your Lifestyle Doesn’t Change
The death of a spouse can be traumatic, and the financial implications can bring a swift end to the life you’ve been used to. Sort out a financial strategy today and speak to a professional to ensure that once your spouse dies, life continues uninterrupted.
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All info was correct at time of publishing