Help protect your family’s future. Enter your zip code to get your free quote today!

Get Your Free Quote

Spouse Life Insurance Definition

Spouse life insurance can be defined as simply a life insurance policy that is purchased for a spouse or partner. If you are the named beneficiary of a spouse's life insurance policy and their death causes financial loss to you and your family, then you will likely receive the financial payout of their life insurance policy.

Life Insurance Can Protect You and Your Spouse

You and your spouse can buy life insurance to ensure that in the case of either of you passing away, the surviving spouse and beneficiaries are not left with overwhelming financial burdens. Even if your spouse doesn't work, his or services still contain value that should be insured (childcare, for example).

Keep in mind that your spouse must also provide consent in order for you to purchase life insurance on their behalf and may also have to undergo a medical exam as part of the application process.

How to Buy Life Insurance for a Spouse

There are three primary ways you can buy a life insurance policy with your spouse.

  1. Group life insurance through your employer
    If your employer offers a group life insurance plan for employees, there’s a good chance you can enroll your spouse in it, too. The only drawbacks are that employer-sponsored life insurance plans are often small in value, and if your employment is terminated, your plan may be, too.

  2. A spousal rider
    A “rider” is an add-on to a life insurance policy that can supplement the coverage in a variety of different ways. Spousal riders may not be offered by every insurance company, and certain health conditions may make your spouse ineligible.

  3. The open marketplace
    By calling 800-966-7169 or connecting with a licensed agent online, you can obtain free quotes for your spouse’s life insurance from a number of different companies. Some of these options may even be “no medical exam” policies, which means your spouse would not have to undergo a medical exam in order to get their coverage. Issuance of the policy may depend upon answers to health questions set forth in the application.

Reasons to Buy Life Insurance on Your Spouse

Just as there are a number of reasons why you should buy life insurance on yourself, there are several good reasons to buy life insurance on behalf of or with your spouse and name yourself as the beneficiary. 

  1. Your spouse is the primary source of family income
    If the loss of your spouse’s income would create a financial strain for you or the household, it is beneficial to purchase a life insurance policy. Should your spouse pass away, the payout from the insurance policy can serve as a replacement for the lost income, ensuring you and any children can continue to meet financial requirements for rent, mortgage payments, bills, college tuition, groceries and other expenses.

  2. The loss of your spouse affects household spending
    Even if you do not rely on your spouse’s income, you may still rely on them financially in a more indirect way. For example, if your spouse takes care of any children, that care has financial value. If your spouse were to pass away, you would have to pay for daycare, a nanny or other resources for help. The same can be true if your spouse cooks, cleans or performs other housework that would cost you money if they weren’t there to do it. The payout from a life insurance policy can help pay for these services.

  3. You and your spouse have joint debt
    If you and your spouse share a mortgage, are co-signers for car loans, have joint credit cards or other connected debts, you will inherit these debts yourself after your spouse passes away. A life insurance payout can help settle your spouse’s portion of those debts.

Connect with a licensed life insurance agent today for any additional questions you may have about buying life insurance with your spouse. You can reach out online or by calling 800-966-7169.

*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.

Help protect your family’s future. Enter your zip code to get your free quote today!

Get Your Free Quote

Related Information

The Benefits of Joint Life Insurance

Joint whole life insurance could be a great option if you are married. Learn how this type of plan benefit your family.

Read More

Universal Life Insurance

Learn more about universal life insurance, and how it compares to whole life insurance policies.

Read More

How Does Term Life Insurance Work?

Find out how term life insurance works and get more information on the different types of term life policies that are available.

Read More

Life Insurance Overview

This life insurance overview will help you better understand your life insurance coverage. If you're looking for a policy, a licensed agent can help.

Read More

Extending Life Insurance with Convertible Term Life Insurance

A convertible term life insurance policy allows you to change it to a permanent policy at some point during the life of the policy.

Read More

What is Term Life Insurance?

Term life insurance pays a death benefit to the policy beneficiary if the policyholder dies within the term of the policy.

Read More

The Best Policy Type | Term and Whole Life Insurance Pros and Cons

Learn the pros and cons of term life insurance and whole life insurance to ensure you choose a policy that works for you.

Read More

Understanding Term and Whole Life Insurance

Term life insurance covers you for a set period of time, while whole life policies last for the rest of your life. Learn more about how these types of plans differ.

Read More

What Is Level Term Life Insurance?

Level term life insurance policies have predictable and level premiums. Learn more about how you can help protect your family's financial future.

Read More