You and your partner trust and support each other. As you build and maintain a life together, you also grow to rely on each other financially.
So, what happens if you suddenly aren’t there anymore?
If your partner relies on your income, they will struggle if it is no longer available.
Life insurance can help ensure that your loved one is safe from financial disaster if you die unexpectedly. We guide you both through the process of obtaining life insurance so that your loved one will not feel financial struggle in the wake of unexpected loss.
Life insurance for married couples
Married couples, especially if you have children, have the greatest need for life insurance.
You̵7;ve made a lifelong commitment to this person through sickness and health, but if you died unexpectedly, how would they survive without your income?
Mortgage payments, credit card debt, funeral expenses, these are all things that life insurance can help pay for if something were to happen to one of you. If you have children, everyday expenses (like daycare) and even college can also be taken care of.
» Compare: life insurance quotes
Even if you don’t provide a primary source of income, you should also have life insurance.
If a stay-at-home parent were to die suddenly, imagine all that the surviving spouse would have to take care of. Would you have enough money to quit work to be there for your kids and figure out who is going to do everything the stay-at-home parent did? This includes, but is not limited to, providing clothing and meals, daycare and transporting your children to and from school and other activities.
Owning life insurance on each other
You can purchase and be the owner and beneficiary of life insurance for your spouse. In fact, it is very common for spouses to buy life insurance on each other.
However, you cannot purchase insurance on them without their knowledge. Your spouse must participate in the application process.
» Read more: When will someone else own my life insurance?
Name your spouse as your beneficiary
Instead of buying life insurance on each other, couples can choose to buy their own policies and simply name their spouse as the beneficiary.
If you make your spouse your primary beneficiary, be sure to include secondary beneficiaries as well.
In the event that you both die at the same time (eg a car accident) or your spouse predeceases you, there should be contingent beneficiaries next in line. Remember that with most policies you can change your beneficiaries at any time. Reviewing your policies regularly is a good idea.
As a couple, you may wonder if it is easiest to buy two insurance policies from the same insurance company. It’s not, and it’s probably not the cheapest method.
Insurance companies follow different sets of underwriting guidelines. And every individual applying for life insurance has a different health situation. So while the ABC insurance company may be the best option for one spouse, it may not be the best choice for the other.
Comparison shopping is the best way to find the best policy. But you don’t have to do it yourself. Let Quotacy do it for you.