6 Ways That Good Life Insurance Protects Your Spouse

young couple eating breakfast together at table

What if your spouse’s life became a nightmare overnight? 

For many married couples, this is what happens when one spouse unexpectedly passes away. All of a sudden, the surviving spouse must handle many unexpected expenses and bills all on their own, all the while navigating grief. 

You can help protect your spouse with a good life insurance policy. Unfortunately, many couples don’t realize the importance of life insurance until it is too late. 

Are you on the fence about getting life insurance? Keep reading to discover 6 ways that a good life insurance policy can help protect your spouse. 

1. Protect Your House with Life Insurance 

We can sum up the main reason that married couples need life insurance in two words: “shared debt.” Basically, any kind of loan that both of you signed on for will need to be taken care of by the survivor if one spouse should suddenly die. 

For most couples, the largest shared debt will be the mortgage. If you should pass away today, chances are high that your spouse would struggle to make the monthly mortgage payment on their own. 

When you get life insurance and name your spouse as the beneficiary, you gain genuine peace of mind. You’ll go to bed each night knowing that if anything should happen to you, the house will be fine, and your spouse will have a place to live

2. Life Insurance Provides for Your Children 

Nothing cements a married couple quite as much as having children. Unfortunately, when one spouse passes away, the expenses of raising children on one income often prove too much to handle. 

It’s no secret that raising children can be very expensive. In fact, raising a child from birth to 17 years costs $233,610. Such expenses really add up when one spouse is gone, especially if there are multiple children involved. 

You can ensure your children are provided for when you make your spouse your life insurance beneficiary. Not only does this make life easier for the children, but it makes things far easier on your spouse once you are gone. You should know life insurance is more affordable than you might think. 

woman reading to toddler

3. Life Insurance Coverage Protects Against the Death of the “Breadwinner” 

Many married couples hesitate to get good life insurance because they are not sure if they really need it. How can you tell if you need to purchase life insurance? 

The short answer is this: If one of you is the breadwinner, then the breadwinner needs to have a life insurance policy to protect their spouse after they are gone. 

In some marriages, both couples have very generous incomes. In that case, the death of one person might not disrupt the life and lifestyle of the surviving spouse. If one person makes significantly more than the other, or if one spouse doesn’t work at all, it’s important to take out a life insurance policy on the breadwinner as soon as possible. 

4. Keep Assets from Being Forfeited with Life Insurance 

In addition to helping with the mortgage, one of the most common shared debts is the family car. 

If you should unexpectedly die, your spouse may have trouble making payments on the car. This could easily lead to losing the car altogether. Depending on where you live, the loss of the family car has major impacts, including keeping your spouse from getting to their job or taking your children to school. 

However, a life insurance policy can help protect the family car. This can go a long way toward protecting your spouse in the event that you are suddenly gone. 

5. Life Insurance Coverage Can Safeguard Your Children’s Education 

The previous figure for how expensive it is to raise children is usually a big surprise to parents. Here’s the thing: That number doesn’t include their college education! 

If your children go to an in-state public school, the average cost of attendance is $10,338 per year. If they go to an out-of-state public school, the cost jumps to $22,698 per year. If they should attend a private college, they can expect to pay a whopping $38,185 per year! 

Without the help of scholarships, your children will have a difficult time covering these costs with loans. If you should die, your spouse may drive themselves into debt trying to pay for a good college education. With the right life insurance policy, you can protect your children’s college education without worrying about them or your spouse going into major debt. 

6. Cover Expensive Funeral Costs with Life Insurance 

The basic goal of taking out life insurance when you’re married is to avoid passing on major debts to your spouse when you die. One of the most unexpected sources of such debt may be your funeral costs. 

Generally speaking, a funeral (complete with viewing, burial, casket, and fees) is going to cost at least $7,500. Depending on a variety of different factors, that cost can jump to $12,000 or even more. 

The last thing you want to do is burden your spouse with major funeral expenses when you die, especially if you’re going to be passing along other debts. With a good life insurance policy, you can ensure your spouse has one less thing to worry about when you are gone. In fact, covering funeral expenses is one of the primary reasons even single people take out life insurance policies. 

Get the Best Life Insurance Today! 

Now you know the many ways that a good life insurance policy can help protect your spouse. But do you know where you can find the life insurance you deserve? 

Here at InsureOne, we’re able to take care of all your life insurance needs. We are always ready for you to get a quote online. Alternatively, you can pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to come into one of our convenient nearby offices for a visit!