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 your spouse.

The rule of thumb is to get at least 50 percent of the term life insurance coverage for a stay-at-home spouse as for the primary breadwinner.

The cost to pay someone to perform all of the tasks a stay-at-home- parent performs for the family could cost in excess of $50,000 each year when you include cleaning, laundry, shopping, cooking, running errands and grocery shopping, taking and picking up the kids form activities, etc.

Learn about life insurance for your spouse.