| If your spouse or partner dies you would have | | | | What type of spouse life policy you take out can |
| lots of issues to deal with including the financial | | | | vary depending on your need and circumstances. |
| impact of your loss. If you have spouse life | | | | If you need to keep premiums as low as possible |
| insurance you know that in such difficult | | | | then a term spouse life insurance policy would be |
| circumstances you will have a financial cushion to | | | | best. Term polices are normally for a specific |
| help you respond to such a big change in your life. | | | | period of time and the costs are lower than |
| How important is that kind of peace of mind to | | | | whole life insurance. In this case it would be during |
| you? | | | | the time of maximum financial vulnerability for the |
| Will you need additional funds if your spouse dies? | | | | family if a husband or a wife dies. With a term |
| When thinking about whether you need a spouse | | | | policy, if a spouse dies then the remaining spouse |
| life policy consider the following scenarios. Scenario | | | | only receives a death benefit and not the value of |
| 1,John is married with 3 children under 15 with a | | | | the premiums that have been paid. |
| stay at home wife. Scenario 2, Cheryl is a stay at | | | | Whole life spouse life insurance is an alternative to |
| home mum who looks after the children and | | | | a term spouse life policy. Whole life policies are |
| keeps the home running smoothly so Sam her | | | | more expensive but the value of the premiums |
| husband can concentrate on his business. What will | | | | accrues. This means that if a policy owner dies |
| be the impact on these families if John or Cheryl | | | | the beneficiary gets not only the death benefit |
| dies? | | | | but also the value of the premiums less insurance |
| The point of life insurance is to make a death | | | | costs. |
| benefit available if the policy owner dies. If the | | | | Depending on the circumstances of the family it |
| beneficiary of a policy is in their late 80's that | | | | may be prudent to consider carrying spouse life |
| death benefit is of course useful for a number of | | | | insurance on both a husband and wife. In a |
| reasons. If however a young breadwinner dies | | | | marriage a husband and wife operate as a |
| the needs of his or her surviving family are | | | | partnership in maintaining the family unit. Either will |
| immediate and dire. | | | | be missed if one dies but what will be the financial |
| If a breadwinner dies and he leaves a wife and | | | | impact of the death of one rather than the |
| children a spouse life policy payout can cover | | | | other? |
| funeral costs, provide money to substitute for his | | | | As with all insurance you need to get a quote |
| income and to cover educational expenses. If a | | | | from a reputable insurance firm so you can make |
| wife dies her husband then has the responsibility | | | | up your mind if this type of policy will meet your |
| of earning a living and also looking after children. In | | | | needs. Gather as much information as you can |
| those circumstances a spouse life policy may | | | | and ask questions of the insurance company you |
| cover child minding and housekeeping expenses. | | | | get your quote from. They will be as eager to |
| Will term or whole life spouse life insurance work | | | | meet your needs as you will be to make sure |
| best for you? | | | | you get a good deal. |