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...

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Yes, if you are married you can buy life insurance on your spouse, (with his or her knowledge), because you have an insurable interest in your spouse.

Buying life insurance to replace a spouse's income is one of the most common reasons people choose to purchase life insurance coverage.

You are choosing to provide financial security for your family should your spouse pass away, by insuring his (her) income with life insurance.

That way, your family can maintain their standard of living and have f...
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Do I need life insurance coverage for my spouse?

It depends. Does your spouse work, earn an income and contribute to paying for the living expenses for your family?

Even if your spouse doesn't earn income, he or she may handle a lot of the work around the house taking care of the kids, running errands, grocery shopping, cleaning your home, making the meals, and everything else that gets done so your family can live a nice life.

Now imagine how much it would cost to hire someone to do all of the ...
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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 ...

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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.

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Yes, you can purchase life insurance on your ex.

If you have insurable interest and your ex spouse gives you permission then you can get life insurance on your ex. 

In fact, it may be wise to include life insurance coverage requirements in your divorce settlement. This way financial obligations such as child support can be protected for the future.

If the spouse paying child support passes away, the life insurance will be paid out the the guardian of the child and the child w...

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Yes, you can take out life insurance on your spouse.

In order to buy life insurance on another person you need an insurable interest in that person.

Insurable interest basically means you rely on the person for financial support, or you may suffer financially if the person were to die.

There does exist insurable interest between spouses, so you can take out a life insurance policy on your spouse.

When purchasing the life insurance on your spouse you may need your spouse's signature and he or she ...
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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...

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No, your spouse does not have to be named as your beneficiary on your life insurance policy.

As the owner of your life insurance policy you can choose anyone you wish to be the beneficiary, including but not limited to your children, although if they are minors, it is better to leave the money to a trust or another trusted adult who you know would use the death benefit for their welfare.

You can choose anyone or any entity to be your beneficiary who has some financial input i...

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