A regular life insurance plan does not cover both spouses. You have an insured and a beneficiary. If the insured spouse dies, the surviving spouse (beneficiary) would receive the death benefit from the life insurance policy.
However, survivorship life insurance plans cover more than one person and pays a death benefit after all of the insured persons die. This type of joint life insurance policy is usually much cheaper than regular life insurance. Survivorship life insurance may be used to help fund estate taxes after the deaths of a husband and wife.
In order to cover both spouses you would want to buy life insurance plans on each of the spouses, with one spouse's policy naming the other spouse as the beneficiary of the life insurance. That way, each spouse is covered if the other spouse should die.
Learn more about buying life insurance for your spouse.
However, survivorship life insurance plans cover more than one person and pays a death benefit after all of the insured persons die. This type of joint life insurance policy is usually much cheaper than regular life insurance. Survivorship life insurance may be used to help fund estate taxes after the deaths of a husband and wife.
In order to cover both spouses you would want to buy life insurance plans on each of the spouses, with one spouse's policy naming the other spouse as the beneficiary of the life insurance. That way, each spouse is covered if the other spouse should die.
Learn more about buying life insurance for your spouse.
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