So you’ve thought about it and decided that it’s a good idea to protect your family by buying life insurance for yourself. That’s great, but don’t stop there. You and your spouse should consider also purchasing life insurance for your spouse. Many families rely on two incomes to support themselves. Now, more than ever in our country’s history, more and more families consist of two parents that work outside the home. However, even if your spouse does not work outside the home, the services he or she provides in taking care of the children and household are quite valuable. In addition, there is always the unfortunate possibility that something could happen to both you and your spouse. You don’t want to leave your family with only a portion of what it needs. Therefore, you will want to consider not only purchasing life insurance for yourself, but also purchasing it for your spouse.
We’ve already identified what considerations you should take into account in determining how much life insurance is right for you. If your spouse works outside the home, you’ll want to take the same factors into consideration regarding your spouse’s income as you did your own. However, don’t forget to calculate not only what your spouse brings home by way of paychecks, but also your spouse’s contributions inside the home. If your spouse works at home taking care of the children and managing the household, you should take into account what it would cost you if you had to pay for childcare while you are at work. Would you want to be able to pay someone to clean the house? Are you going to have to work less to be home more for the children? Be sure to take all of these factors into account when determining the amount of life insurance that is appropriate for your spouse.
As you did in calculating how much life insurance you need, you’ll also want to determine how many years of your spouse’s contributions you’ll want your family to have. Are the children only going to need childcare for a few more years? Are the children soon going to be old enough to help with household chores? If so, you’ll want to factor such considerations into your calculation.
It’s a good idea to insure not only your life, for the benefit of your spouse and family, but also to insure your spouse’s life for the benefit of you and your family. You’ll want to make sure that your family is fully insured in the event of a tragic accident or illness. Here’s hoping that never happens. When you purchase life insurance for both yourself and your spouse, you can both live your lives (long may they be!) knowing that your family will be provided for no matter what.