However, today it is far more likely that both a husband and wife work to provide for the family’s expenses, and it is probably a good idea that both spouses in a household have life insurance policies.
Even if one spouse is primarily a homemaker and caregiver, you should still consider having life insurance on that spouse, because if the spouse should die, you may need life insurance to help provide funds to pay for the cost of child care, or hiring someone to take care of the home.
The spouse of a non-working partner suddenly left to deal with a grieving family may also need to take time off from work to ease the emotional burden on his or her children over the loss of their parent.
A common rule of thumb for determining the amount of life insurance required for a non-working spouse is to consider his or her annual income as if it were at least $40,000 per year.
Learn more about life insurance for you and your spouse.