Should Both Spouses Get Life Insurance? [Here’s Some Advice]

should-both-spouses-get-life-insurance
should-both-spouses-get-life-insurance

Should Both Spouses Get Life Insurance?

As veteran life insurance agents, we sometimes have to give some brief life insurance 101 to our clients, which is why we created this website.

A common misconception that comes up often is if both spouses need life insurance or only one.

Should both spouses get life insurance? Yes, both spouses should get life insurance to protect the other spouse and their children financially. Both spouses getting life insurance is critical in mortgage protection life insurance, education planning, and family protection.

Many people get married when they are young and healthy, which is the best time to get your life insurance policy.

Life insurance is so affordable today since people are living longer.

Life insurance rates have fallen to historic lows.

See for yourself by using our free rate comparison tool to view the rates of the best life insurance companies in the United States.


Our article will focus on the following topics, so feel free to read ahead.

When Should Both Spouses Get Life Insurance?

Both spouses should get life insurance in most scenarios.

Marriage is an economic partnership as much as it is a romantic partnership.

To lose your partner can be devastating emotionally, but it can also be financially catastrophic.

We’ve included some of the more common scenarios where marriages need both spouses cover by life insurance.

Mortgage Protection Life Insurance

One of the most common types of life insurance for married couples is mortgage protection life insurance.

Building a home together is a foundational cornerstone of many marriages, but it is also a decades-long financial commitment.

Many spouses we work with will purchase life insurance policies together to protect their homes in the event the other spouse dies.

Having mortgage protection life insurance on both spouses guarantees that your kids won’t need to change schools or your spouse will lose everything you worked hard to build.

Purchasing coverage is easier than it has ever been with the rise of no-exam life insurance, which covers you in days instead of months without the hassle of a medical exam.

The best no-exam life insurance companies also include living benefits for critical and chronic illness in their policies that pay you cash while you’re alive.

Living benefit life insurance offers you greater protection to keep you in your family home while you recover from your critical or chronic illness.

Family Protection Life Insurance

In addition to protecting the family home, replacing lost spousal income is another common reason that spouses get life insurance.

Regardless of whether you own a home, you still have living expenses that are covered by your income.

In today’s modern age, a dual-income household is the majority of households.

However, most dual-income families don’t live on one income.

If your partner dies and you lose their income, your lifestyle my drastically change.

When a spouse dies, the surviving spouse will often suffer immediate financial hardship that can be life-altering.

By replacing a multiple of your income with life insurance, you give your surviving spouse breathing room to grieve without the financial pressure of mounting bills.

When you die, you want to be positive that there is enough money left behind so that your kids can continue to participate in their dance class or be able to afford that college prep tutor.

Family protection life insurance makes sure your children can continue to do the activities they love, and your surviving spouse is there to see it instead of working to cover bills.

College Funding Life Insurance

Paying for your children’s college is increasingly becoming more expensive.

Gone are the days of working your way through college as a waiter.

You’ll be lucky if a waiter’s pay even covers your textbooks.

Even if you can’t pay for college entirely, most parents want to support their children’s education even partially to give them a better life with more opportunity.

Paying for your child’s college education is difficult enough with two working parents, but with one, it is next to impossible.

Both spouses purchasing life insurance is not a waste if you have children and want them to attend college.

In fact, owning life insurance is essential to guarantee there will be college funds available for your children if you die.

Leaving life insurance can be the difference between your child attending the school they want instead of the school they can afford.

However, both spouses need life insurance coverage, not sure the primary income earner for the strategy to be most effective.

Does my Spouse Need Life Insurance if They Don’t Work?

Yes, your spouse should still get life insurance even if they don’t work.

We often underestimate the value of household work.

A homemaker or stay-at-home spouse contributes a ton of value to running a household, and that should not be underestimated.

Think about it.

Could you work the hours you do in your business or job if your partner wasn’t supporting you at home?

The most progressive life insurance companies, life AIG Life Insurance, will match up to 100 percent of the primary income earner’s death benefits for the non-working spouse.

That means if the breadwinner is insured for $1 million, their non-working spouse can get up to $1 million in life insurance coverage as well.

That is plenty of money to guarantee that you can outsource most of the work your deceased stay-at-home spouse did.

You can hire a nanny for your children, maids to clean your house, and lawn care professionals to maintain your property.

The alternative is the surviving spouse has to work two jobs, your career and take care of the home.

Final Thoughts on Should Both Spouses Get Life Insurance

Thank you for reading our article on if both spouses should get life insurance in a marriage.

There is rarely a good reason for one spouse to get life insurance without the other spouse also purchasing life insurance.

Having both spouses get life insurance allows you to stay in your family home, your kids to attend college, and your lifestyle to remain intact while your family grieves.

Even if your spouse doesn’t work, they should still own life insurance.

If we were to outsource all the work our partner does in our marriage, it could get real expensive quick.

Life insurance gives us the choice to work harder or pay others to free up our time so we can spend it with our families.

Life insurance is so affordable today that there is no excuse not to own it on both spouses.

Use our free rate comparison tool to see the best rates from over 25 highly-rated life insurance companies.

You even can get life insurance with a pre-existing condition affordably by working with a high-risk life insurance broker.

Since no couple is usually in identical health, it may make more sense to own different life insurance companies.

A veteran life insurance broker will know the best life insurance companies for your family’s situation.

Simply put, working with an experienced broker will save you money on your life insurance.