What You Will Need to Know about Spouse Life Insurance

When you decide to purchase life insurance, you typically do it because you have one or more dependents for whom you want to provide in the event you pass away. When you buy your life insurance policy, you might want to also purchase spouse life insurance at the same time.

Spouse life insurance definition

Spouse life insurance is a life insurance policy for your spouse or partner. Usually, you and/or your children will be named as the beneficiaries of their policy, because its purpose is to help you financially if your spouse’s death results in financial hardship.

For instance, if you and your partner have bought a home together, it can be useful for you both to have life insurance so that if one of you dies and your household income is significantly reduced, the death benefit can help pay off some or all of the mortgage on the home.

How to buy spouse life insurance

There are several ways you can purchase spouse life insurance:

  • On the open marketplace: It can be easiest to simply purchase an independent policy for your spouse on the open marketplace. In this case, it’s wise to connect with an independent life insurance broker like Liberty Financial Group. Our knowledgeable agents will inform you about your options and help your spouse or partner find the best policy for them.
  • Through your employer’s group life insurance policy: Oftentimes, if your employer offers life insurance through a group policy, you’ll have the opportunity to purchase policies for both you and your spouse. However, although you might be able to get coverage for over $100,000, your spouse might only be able to get coverage for $20,000 to $30,000.
  • Through a spousal rider: Some life insurance policies allow you to add a special policy for your spouse as a rider. However, keep in mind that your spouse may have to fill out an evidence of insurability form (EOI) that basically declares whether or not they have any health conditions that could make them a risk to insure.  

Learn more about spouse life insurance

To learn more about spouse life insurance and connect with an agent, fill out our contact form. One of our agents will connect with you and help you and your spouse find the best coverage for your situation and needs.

Sources

https://www.lifeinsurance.org/blog/spouse-life-insurance-definition