Yes, we know that life insurance on a spouse only appears when someone intends on murdering them for the money, but on a serious note, it is a smart financial course of action to take out life insurance on your spouse. It can provide an added layer of protection to help you later on in life. It may seem expensive, particularly if your spouse doesn’t have a job. The added premiums may put you off, but the benefits far outweigh this additional cost.
There are millions of families in the following situation. In a family with a wife, husband, and two kids only the husband works. He thinks that because he’s the only one who works he doesn’t need to worry about a policy that covers his wife. Sadly, she passes and he has to continue being the main breadwinner, while taking care of the kids.
However, if he had an insurance policy on his former spouse he would have received a regular income after her death. This could have covered care costs and taken a significant load off the husband’s shoulders. In addition, believe it or not, it doesn’t cost as much as you think to have that extra protection.
Taking Control of Your Career
It’s a more common scenario than you think. While the family would be in no financial difficulty because they haven’t lost any income, the stress levels will reach record levels. The father has to assume the role of both parents, and that can be difficult.
It can mean you having to limit your career options because you are always taking into account what’s happening at home. If you own your own business, you may never take that calculated risk that could turn your fortunes around, and that’s all because of what’s happening at home. A spouse life insurance policy can be used to employ babysitters, cooks, and anyone else who can allow you to concentrate on what you do best.
Recover Your Senses
It’s a painful and distressing situation to lose a spouse. Without insurance, you would have no time to digest what’s happened and get your life in order. You would be forced to return to work and continue to put food on the table. It’s not fair on you because you’re living with untreated emotional trauma. Life insurance can offer that breathing space. It can temporarily replace your income and give you ample time for the family unit to come together and cope with recent tragic events.
Not as Costly as You Think
We want to make it clear that many life insurance providers offer facilities to cover a spouse at a discounted rate. You don’t have to double your insurance costs and add another financial burden to your family. In fact you can get a policy to help with just the funeral cost.
For a small extra premium, you can provide full cover for your spouse and provide you with peace of mind should the worst happen. This is the intelligent option and the best financial decision you can make. Consult with your life insurance provider today for more information.