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Posted: 1 Nov '21
Life insurance plans are important for both spouses. One common question we get is, “can my stay-at-home spouse have life insurance?” Yes, your non-income earning spouse can qualify for life insurance.
Life insurance companies recognize that “non-working” spouses work. Even without bringing in the income, stay-at-home spouses have responsibilities such as family, children, and household activities that are challenging for the income-earner to perform. Talk to your Vistaplan advisor today about finding the best life insurance for your family.
Term life insurance for a stay-at-home spouse helps mitigate the financial loss to the family. In case of the death of the stay-at-home spouse, the working partner may be unable to maintain their job and home responsibilities. The insurance money helps cushion the working spouse until they can resume income-earning activities.
The loss of a spouse also comes with emotional loss. As the working spouse, you’ll take time to grieve the loss. There is an associated time loss to mourn the death of a loved one and also make arrangements to care for the household and the family. The arrangements may include traveling, hiring nannies, professional sitters, or aides to assist the children, elderly parents, and pets.
When the death of a stay-at-home spouse happens, many people are forced to reconsider their financial contributions. Non-income earning spouses have the following contributions to a household. You can consider the monetary value of these contributions when taking out a life insurance policy.
Life insurance companies approve requests for term life insurance for stay-at-home spouses. In addition, some companies may allow the non-income earning spouse to take out a cover as much as the income-earning spouse.
The amount of term life insurance you take ultimately depends on your needs. Life insurance companies consider the amount of income to decide the amount of coverage your non-working spouse qualifies for.
You’ll want a policy that provides enough financial cushioning for the entire period the spouse is gone. Term life insurance is suitable because it offers excellent benefits at minimal monthly costs. Contact Vistaplan for affordable life insurance for stay-at-home spouses in Edmonton.
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David is a well-respected insurance advisor with over 30 years of experience helping healthcare professionals, business owners, and their
families secure their financial futures. He takes the time to make certain his clients understand the life, disability, and health insurance
products they are purchasing, so they can make the right choices for their budgets, plans, and futures.