Does Your Spouse Work and Earn a Salary?
How would you pay for all of the work your spouse’s does to take care of your home and family should he or she pass away? Your spouse may cook, clean, run errands, watch the kids, take them to the doctor, to their sports practices and play dates, etc.
There are several things to consider for spousal life insurance.
Many families purchase life insurance for their spouse to protect a few main concerns, including:
Replacing Your Spouse’s Income and Paying Off Debts
These concerns are generated for the following reasons:
The Survivor’s Financial Responsibilities If a Spouse Dies
Many people are not aware they are responsible for their spouse’s debt at time of the spouse’s death.
Actually, all of a person’s debts are due at the time of death. This means that if you are unable to pay your deceased spouse’s debt, creditors have the legal right to pursue legal action.
This is why financial advisors advise purchasing insurance on your spouse and vice versa as your family’s safety net.
Life insurance isn’t meant to make you better off financially, but allow survivors to maintain their standard of living.
Learn more about buying a life insurance policy on your spouse.
How would you pay for all of the work your spouse’s does to take care of your home and family should he or she pass away? Your spouse may cook, clean, run errands, watch the kids, take them to the doctor, to their sports practices and play dates, etc.
There are several things to consider for spousal life insurance.
Many families purchase life insurance for their spouse to protect a few main concerns, including:
Replacing Your Spouse’s Income and Paying Off Debts
These concerns are generated for the following reasons:
- My spouse is the breadwinner. If he/she dies and that money is gone, I don’t know what I would do.
- If my spouse dies, I will need money to pay off debts.
The Survivor’s Financial Responsibilities If a Spouse Dies
Many people are not aware they are responsible for their spouse’s debt at time of the spouse’s death.
Actually, all of a person’s debts are due at the time of death. This means that if you are unable to pay your deceased spouse’s debt, creditors have the legal right to pursue legal action.
- It’s a common cause of bankruptcy.
- It sounds harsh but it’s true.
- This situation applies to a mortgage, a car loan, medical bills, or any debt that is outstanding.
This is why financial advisors advise purchasing insurance on your spouse and vice versa as your family’s safety net.
Life insurance isn’t meant to make you better off financially, but allow survivors to maintain their standard of living.
Learn more about buying a life insurance policy on your spouse.
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