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Perhaps your spouse hasn’t given much thought to what their dependent’s financial needs will be after their death. In that case, they’re unlikely to purchase a life insurance policy themself.

But if you want to take care of their dependents—whether that’s you, your children, or someone else—can you take out a life insurance policy on your spouse?

Conditions for Taking Out a Policy on Your Spouse

You need to meet four conditions to take out a life insurance policy on your husband or wife:

  • You need to demonstrate a relationship between yourself. If you and your spouse live together, that indicates a relationship. A life insurance company may also interview you or request your spouse’s medical history to verify your relationship.
  • You must demonstrate that you have an insurable interest. It’s unethical to take out a policy on someone’s life if you have no financial stake in their wellbeing.
  • It must be clear that your spouse’s death would adversely impact you. This would occur if you’re financially dependent on them—or if your children or other relative(s) are.
  • Your spouse needs to consent to you purchasing the policy. You can’t sign it on their behalf—they will have to sign it themself.

Should You Get a Policy That Requires a Physical?

If you decide to take out life insurance on your spouse, you can choose a policy that requires a physical or one that does not require a physical.

A policy that requires a physical may offer more affordable rates and/or higher coverage limits.

A policy that doesn’t require a physical is likely more expensive, which means the premiums will be relatively higher. It will usually also have lower coverage limits.

Which Parties Are Involved in a Life Insurance Policy for Your Spouse?

The life insurance policy for your spouse involves four parties:

  • The policy holder, which is you in this instance.
  • The insured person, which is your spouse.
  • The beneficiary or beneficiaries—the person or people who receive the death benefit after your spouse passes away. This can be you, your children, or other relatives or dependents. It can also be an estate, organization, or trust—for example for your grandchildren or even for your pet.
  • The life insurance company that provides the coverage and to whom you pay the premiums. They will pay out the death benefit after your spouse passes away.

The Best Way to Buy Life Insurance for Your Spouse

It’s essential to get objective guidance when purchasing life insurance for your husband or wife. Life insurance companies are required to do their due diligence, and this may involve multiple interviews and requests for documentation to prove your insurable interest.

To navigate this challenging path, contact the life insurance agents at Liberty Financial Group. We’re an independent brokerage, which means we offer you honest, objective advice on the best policy for your needs—regardless of which life insurance company is underwriting it.

Contact us today for more information and to request quotes.

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