Term Life Insurance for Couples

You and your partner rely on and support one another. As you’re building and maintaining a life together, you also grow to rely on one another financially.

So, what happens if you’re suddenly not there anymore?

If your significant other relies on your income, they are going to struggle if it’s no longer available.

Term life insurance can help ensure your loved one is safe from financial disaster if you die unexpectedly. We will guide you both through the process of getting term life insurance so 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.

You have made a lifelong commitment to this person through sickness and health. If you die unexpectedly, will they struggle to get by without your income?

Mortgage payment, credit card debt, funeral expenses, these are all things that a term life insurance policy could help pay for if something happened to one of you. If you have children, everyday expenses (such as daycare) and even college could be taken care of as well.

» Compare: Term life insurance quotes

Stay-at-Home Spouses

Even if you are not providing a primary source of income, you should have a life insurance policy.

If a stay-at-home parent were to suddenly die, imagine everything the surviving spouse would need to take care of.

Would the surviving parent have enough money to cover taking off work to be there for your children 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 a life insurance policy on your spouse. In fact, it’s very common for spouses to buy life insurance on one another.

You are not, however, able to purchase a policy on them without their knowledge. Your spouse will need to participate in the application process.

» Learn more: When Should Someone Else Own My Life Insurance?

Naming Your Spouse Your Beneficiary

Instead of buying life insurance on one another, couples may opt 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 the both of you pass away at the same time (e.g. a car accident) or your spouse passes before you, there should be contingent beneficiaries next in line. Keep in mind 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 buying two policies from the same insurance carrier is easiest. It’s not, nor is it likely the cheapest method.

Insurance companies follow different sets of underwriting guidelines. And every individual applying for life insurance has a different health and lifestyle background. So, while Insurance Company ABC may be the best option for one of the spouses, 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 need to do it yourself. Let Quotacy do it for you.