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- One of the primary reasons people buy life insurance is to replace income. If an individual brings in an income for the family, it is a good idea to buy a life insurance policy for that person so that the income is not lost if they die. If your spouse makes any kind of income, you may want to go ahead and purchase a policy, just so that it does not negatively impact you with the loss of this income if the unexpected occurred.
- Even if the spouse does not make any income, it is generally a good idea to purchase life insurance on him or her. For example, if your wife stays home with children and does not earn an income, she is still providing a valuable service for the family. If she were to pass away, you would have to pay for a babysitter or you would have to stop working and raise the children personally. Either option will create a problem for you financially that could be solved with a life insurance settlement.
- Purchasing a life insurance policy on your spouse can also help your family's quality of life. When a spouse and parent dies, it can have severe emotional consequences for everyone involved. Children will go through a great deal of trauma when a parent is taken away. During this time, having plenty of money can make it possible to be there for your kids more. You could work less and spend time with your kids to help them get through a terrible tragedy.
- Purchasing a life insurance policy for your spouse may not be as expensive as you think. If you already have a life insurance policy, you may want to consider talking to your existing insurance carrier about getting another policy. You could possibly get a joint life insurance policy or get a separate policy for your spouse for a discount. Insurance companies often give discounts for customers who buy multiple policies from them.
Replacing Income
Change of Situation
Quality of Life
Discounts
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