Reader’s Question:

I’m the main breadwinner of our family of four here in California but I was thinking if it would be practical to get life insurance for my part-time working spouse as well?

Bart

Sacramento, CA

This is a very interesting question. A lot of married couples are faced with the decision of whether to get cheap life insurance by just having one spouse insured or having to invest on coverage for both. If both of you can afford to, it would be much better to get life insurance for both husband and wife, even if she is just earning part-time there in California. With the cost of living these days, bills needing to be paid, childcare, mortgage and loans and credit card debt, both of you would want to make sure that your children are left with a decent standard of living in the event you and your wife are no longer there to provide for them financially.

If you think that your wife’s income is also contributing (even if not tremendously) towards the household income, and she does not have any medical conditions or illness that might cause her to die prematurely (this would include lack of smoking habits, if she is leading a healthy lifestyle) then a life insurance coverage for both of you is highly advisable. Shop around by going online and using life insurance portals to determine the companies that give the best rates. You may even get a discount for deciding to get more than one policy. Term Life Insurance would be advisable if your family is still young and you are still paying some long term obligations since it is much cheaper and is only meant to be maintained for ten or twenty years.

Tags: spouse life insurance, life insurance policy, life insurance coverage, advise