Do both spouses need life insurance protection?

That depends on your situation; however, if you rely on both spouses for income, or taking care of the household, it may be a good idea to have life insurance on both spouses.

Even if you have a stay-at-home spouse, or a spouse that doesn't earn an income, everything your spouse does for your family would need to be taken care of should that spouse pass away.

And, you would have to pay someone to do those tasks; such as, running errands, grocery sh...

One life insurance policy does not cover both spouses unless you purchase a joint life insurance policy,or a survivorship life insurance policy (and then it would only pay out upon the death of the second person).

Or, you could adds a rider on your own life insurance policy to provide added coverage for your spouse.

Otherwise, the spouse will need to purchase a separate individual life insurance policy to have his/her own coverage.

Learn more about life insurance for spouses.