spouse life insurance Archives

Life Insurance for Dads: 4 Things To Know

If you’re a dad, you’re probably the go-to guy in your family for a whole lot of issues. Your family relies on you every day, probably more than you even know, so what would they do if something were to happen to you? Aside from dealing with the immense grief of losing their husband and father, they would also struggle financially without you.

Unfortunately, though, studies show that an estimated 1 in 4 men do not have life insurance, and many are not even sure what the purpose of a policy is. But before you write off the need for life insurance, or before you begin searching for a policy if you are planning on purchasing one, there are some important things you need to know.

1. Your Employer’s Life Insurance Is Not Enough

puzzle with a missing piece — *Employer life insurance is usually not enough to help your family when you are gone.*

A lot of employers offer life insurance to their employees for a very low monthly cost. You might be tempted to think that this coverage is enough, and you won’t need another policy, but the reality is most of the time employer-based life insurance simply doesn’t provide enough coverage for the average family. Many studies show that you should have a policy that is at least seven to ten times your income, which is generally not possible with employer-based life insurance. In addition, if you leave your job, you will lose that life insurance policy.

2. Children Are Expensive!

This will probably come as no surprise to you, but raising children is not cheap. According to the US Department of Agriculture, the average cost of raising a child from birth to age 17 is almost a quarter of a million dollars! And this does not include the cost of college tuition, if you are planning on helping them with that. So consider what would happen if you weren’t around to help. Fortunately, life insurance is a great way to help your spouse continue to raise your children and provide for them no matter what happens.

3. Your Spouse Needs Your Help

black and white picture of a married man and woman — *Your spouse will need help with bills and debts when you are gone.*

You took a vow to love and protect your spouse for as long as you both shall live, but those vows should actually go beyond that. Your spouse needs your help now while you’re raising your family, but they would need your help more than ever if you were to pass away. You can make sure that they would be taken care of with life insurance, which can provide help paying the bills, caring for the kids, and more.

4. Coverage Is More Affordable Than You Think

One of the main reasons that people don’t buy life insurance is that they think it’s more expensive than it actually is. In fact, research shows that consumers think life insurance is nearly three times more expensive than it really is, which is why many don’t even look into it. However, what most people don’t know is that a $250,000 10-year term life insurance policy for a healthy 30-year-old man can cost as little as $14 a month! Not to mention, the younger that you are, the cheaper your rates will be, which is why it is important to begin looking into life insurance as soon as possible.

Protecting Your Family

So all you dads out there, remember: your family has financial obligations that will not go away when you are gone; they will need your help more than ever with their expenses, and the last thing you want them to worry about is money while they are grieving. There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price.

The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

What is Spouse Life Insurance?

Purchasing a life insurance policy is a great decision when you have a growing family, but you have to remember that your life insurance policy only covers you. Your family will not receive a death benefit if your spouse dies unless they have their own life insurance policy. But what if your spouse does not have a policy? Is it possible for you to take out a life insurance policy on your spouse?

What Is Spouse Life Insurance?

Spouse life insurance is a type of policy that covers your spouse or partner, leaving a death benefit for you and your family if they die. A partner can purchase the policy on their loved one, including a husband, wife, common-law spouse, or domestic partner. This type of life insurance falls into the category of dependent life insurance, which generally provides less coverage than standard policies.

How Does Spouse Life Insurance Work?

If you decide to take out a life insurance policy on your spouse, you will still have to go through the underwriting process – but only if you choose a permanent or term life insurance policy that requires you to do so. Your life insurance company will have to verify that your spouse is eligible to be insured and assess how much of a risk they are so that they can determine their coverage amount and premium rate. Once you have provided all of the required information, your insurer will offer coverage if your partner meets their requirements.

Reasons To Consider Buying Life Insurance On Your Spouse

If you are conflicted about whether you should purchase a spouse life insurance policy, consider the following reasons why it might be a good idea:

Spouse life insurance can replace their income- If your spouse is the breadwinner of the family or head of the house, life insurance is very important to have, so that your family would not have to struggle if your partner were to pass away. Their income probably covers many expenses, including mortgage payments, and you don’t want to lose your house or struggle to pay any other household bills.
You have debt– If you have shared debt or loans, you also share the responsibility of repaying them, even if your partner passes away.
You’ll need help running the house– If your spouse takes care of the household chores, including taking care of the kids, cooking, cleaning, and laundry, and they pass away, you might need to pay someone to help with all of these things, and life insurance benefits can help with this.

Can You Take a Policy Out On Your Spouse Without Their Knowledge?

white question mark in a green circle — *You cannot take out a life insurance policy on your spouse without their consent.*

Both partners in a family need to be covered by life insurance in case the unexpected happens, since each partner has a role and adds value to the household in different ways. But purchasing a policy to cover your partner is something you need to discuss with them, especially since it is illegal to purchase life insurance coverage for your spouse without their knowledge. You must first get their consent and their signature for the policy – even only getting verbal consent to sign the policy can be considered insurance fraud.

If you’re looking for life insurance for you, your partner, or both of you, the best way to find the most affordable policy is by working with a licensed agent from a top-rated insurance company. They can help you find a policy with good rates, and give you ideas on how to cut down on costs. We have listed some companies to work with that will be able to find you the most coverage for less. Always check multiple sites to make sure you have bargaining power and to know the different advantages of each company. Make sure a hard time for your loved ones isn’t made harder by a financial burden, check life insurance rates today

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