The need for term life coverage applies equally to income-earning spouses, and there are strong arguments for acquiring life insurance for a partner or spouse who is not drawing an income, as well.

For instance, losing a stay-at-home spouse can lead to dramatically increased child-care costs, time away from work for the surviving spouse, final expenses, the settling of outstanding debts, and these are just a few of the financial aspects of such a serious loss as the death of ...

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.

Yes, if there would be a financial hardship if the non-working spouse died.

Let's say the wife has a very demanding and high income career. The husband stays home to raise the kids and take care of the house. What if the husband were to suddenly die?

Now the wife has to hire a nanny, a house keeper, a cook, and possibly a personal assistant to replace all of the the work that was being done before by the stay-at-home dad.

You would need full-time help or at least part-time h...