Does Your Non-Working Spouse Need Life Insurance?
The short answer is yes. The idea that life insurance isn't for everyone is archaic and inaccurate. Even if you wish to hold on to such a dangerous belief the fact still remains that dying is expensive. The cost will carry onto the person who is considered you next-of-kin and with this expense the burden of dealing with your passing. For many of us the next-of-kin is our spouse. In this day and age there are many single income couples and families. Many believe that life insurance isn't necessary for a non-working spouse. This is not true. In fact having the right coverage on a spouse who isn't working is a good thing.
Life insurance for a non-working spouse is important especially if the spouse is the primary caregiver for children or elderly relative of the family. How will you pay for the added expense of hiring a caregiver? Plus, the expense of a funeral is universal and it will cost just as much to bury your non-working spouse, as it will to bury you. This expense passes on to the next-of-kin of a non-working spouse just as it would if you were to die. If you are considering on the possibility of not getting good coverage then you are making a huge mistake. This is the time when life insurance is absolutely essential.
The non-working spouse will need to have a way to protect their beneficiaries from the slings and arrows of burden called funeral expenses. When the working spouse passes away first the expenses are covered through their policies. The problem develops when the spouse without a job passes. Without the security of job-provided life insurance policies non-working spouses find themselves unprotected.
Non-working spouses need life insurance. Whether there are children in the home or not, funeral expenses are debts that will be collected on. You want the piece of mind knowing that your debts will not weigh down your loved ones, whether you are working or not. Protecting your assets falls on both people in a relationship. Death can strike at anytime and it is totally indiscriminate. Life insurance for the non-working spouse makes sense.