If you haven’t considered life insurance for your spouse, you may want to reconsider.
Life insurance for the working person in your marriage just makes sense. After all, the breadwinner doesn’t want to leave his or her family without a source of income after passing on. But does a non-working spouse need life insurance? Let’s find out.
You might think that because you or your spouse don’t earn an income, life insurance isn’t necessary. But you need to consider the value of what a stay-at-home mom or dad does. Could your family survive without his or her support? Think about what it would take to get your kids to school, family fed, house cleaned, bills paid, and more. Non-working spouses are often chauffeurs, chefs, maids, financial planners, and life coaches all rolled into one. Are you in a position to pay people to replace those necessary services?
Even if you’re confident that the non-working spouse’s daily activities could be covered without putting too much financial burden on the family, you still might want to consider life insurance. End of life arrangements can add up. Between the funeral, burial or cremation services, and final medical expenses, a death benefit could come in handy.
You should also know that you can use the policy’s payout for anything. In other words, that death benefit could pay off your mortgage or pay for your kids’ college education. So unless your family wouldn’t benefit from a financial cushion to take the edge off a difficult situation, it’s a good idea to consider life insurance for both you and your spouse.
Would you like more information about life insurance and how it could serve your family? Contact NorthStar Risk Management & Insurance Services, Inc. in Walnut Creek, California to get insight into how this coverage can help you protect your loved ones’ future.