Spouse life insurance

[ZZJ]

Any guidelines/advice for obtaining life insurance on a spouse?

Should amount be comperable to my life policies?

 

 

[VagabondMD]

Assuming that your spouse is non-working and assuming also that your spouse is involved in raising children or managing the household, you should probably do a back-of-the-envelope calculation of how much those services would cost to replace if he/she were no longer around. Then, double it because you have likely undervalued how much it would cost to hire for those services.

[jfoxcpacfp]

ZZJ wrote:

Any guidelines/advice for obtaining life insurance on a spouse?

Should amount be comperable to my life policies?

Click to expand...

I presume you mean a non-working spouse, i.e. SAHP. I agree with Vagabond MD. Typically, you should equalize insurance, at least imo, especially if you have debt and young children. If the SAHP passes, the ideal situation w/b to have the flexibility to take a sabbatical without the pressure of going to work for at least a year, preferably longer if you'd like, while you grieve and tend to your grieving family.

[Mminter]

I bought my spouse Permanent Life Insurance with LTCI rider. She saw her mom had to take care of grandma in her final year. It was not an easy job.

Long term care riders are increasingly being demanded by worried spouses and diligent financial planners who recognize that the cost of nursing home care is something that needs to be addressed early on in the retirement planning process. Long term care riders are a preferred way for people with permanent insurance to fund nursing home stays because the plans disburse tax-free money to pay for nursing home care once qualification criteria is satisfied.