Life Insurance Spouse: Buying Tips

A life insurance spouse policy is a smart purchase to make when considering life insurance.  Life insurance provides a benefit in the unfortunate event of death. This insurance policy allows families and loved ones to meet their living expenses and burial costs. This type of insurance is necessary for husbands and wives, whether they are working or not.

Consider the Value of a Non-Working Spouse

When considering a spousal policy, a working spouse should consider the value of the non-working spouse when deciding how much insurance to buy. If the non-working spouse were to die, what would be the value of finding someone to take care of the home, provide childcare services and compensate the loss of love and affection?  Each of these items has to be accounted for and can be covered in a spousal insurance policy.

The same consideration should be made for the loss to a non-working of a working spouse that does not have a policy.  The financial hardship placed on a non-working spouse due to the death of a working spouse merits equal consideration for buying a life insurance policy.

Spousal Rider

If considering a spousal life insurance policy, think about adding a rider to an existing policy.  This will provide the life insurance coverage that you are looking for and lower your overall life insurance premiums. The use of a spousal rider is an efficient way to provide life insurance protection for both spouses.

 

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