Taking out a life insurance policy on your spouse is a way to ensure that you will be able to maintain your lifestyle if your spouse dies. Before you attempt to take out a life insurance policy on your spouse, you must discuss the matter with your spouse. It is unlikely that you will be able to get life insurance on your spouse without him knowing. Many life insurance companies require a physical, an in-person meeting or both with spouses to determine the necessary coverage.
Step 1
Figure out how much coverage you need. When deciding this, you must take your spouse's salary and all your expenses into consideration. Even if your spouse stays at home, you might still need coverage for him, especially if he cares for children at home.
Step 2
Decide whether you need term life insurance or permanent life insurance. Term life insurance is good for a specific number of years. Some term policies can be renewed, but this is often a costly option. Permanent life insurance, sometimes referred to as whole life insurance, is good for the insured person's entire life, as long as the premiums are paid.
Step 3
Shop around for policy quotes. Many life insurance companies will offer you quotes online. Compare these quotes so you can ensure that you get the best policy for your money. In addition to the premium you will pay, consider the amount of time that it will take for you to get a check as well as the work involved to get the check if something happens to your spouse.
Step 4
Check the rating of each company you are considering. You can do this by contacting the insurance commission office in your state or you can check online (see Resources).
Step 5
Contact the company you wish to purchase the policy through to find out how to finalize the policy. Some insurance companies require the insured spouse to have a physical, sign forms or both to release medical records.
Tips and Warnings
- Pay the premiums on time once the policy is issued. This is the only way to ensure that the policy stays in effect. If the policy lapses and something happens to your spouse, you won't have any coverage. Name a secondary beneficiary on the life insurance policy. This person should be someone you trust to take care of your affairs if something happens to you and your spouse. If you have children, choose someone that you know will use the available money to care for your children.
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