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Different Factors Relating To Getting Life Insurance For Both Husbands And Wives
You are looking for life insurance for yourself and your spouse. You’re looking for supplemental coverage to add what you have through work. Or you feel it’s important to have life insurance because you’ve recently lost a loved one who was married or had children. You never want to leave your family with an undue financial burden that may dramatically change their lives.
Here we will discuss the reasons for purchasing life insurance for both husband and wife. We will cover how to go about selecting the right combinations of plans. Plans that make the most sense for your financial goals in getting life insurance.
Today’s Topic Overview:
- Why Get Life Insurance For Both Husband And Wife?
- Top 5 Reasons People Purchase Life Insurance Online
- Case Study Examples
- Income Replacement
- What If A Spouse Doesn’t Work?
- Retirement Planning
- Final Expenses
- Different Strategies For Purchasing Life Insurance
- Stories From The Field
- Two Separate Policies
- Insurance At Work
- The Different Life Insurance Types
- Permanent Life Insurance
- Term Life Insurance
- Next Steps
Why get life insurance for both husband and wife?
It’s simple. Life is unpredictable. We don’t know what will happen from second to second. We are here today, gone tomorrow.
If you’ve lived long enough, you’ve lost loved ones. You may have lost them unexpectedly. The fact is that we don’t know when our final day is going to be.
If we love someone enough to understand these realities, we don’t want to put them in a situation that burdens them.
The financial burden that comes with death can do so to the point of having a dramatic negative effect on their lives. We can’t prevent death. We can prevent this financial burden falling to them. Here are the most common reasons, in my experience as a life insurance agent, why husbands and wives purchase life insurance for each other.
This is the biggest reason. Couples come to realize that if either, or both, of them pass away, it would have dramatic effects on the surviving family.
For example, a spouse provides the predominant source of income. That spouse is killed in a car accident. How would that affect the lifestyles of the surviving spouse and their family? You’ve thought the same thing too. Perhaps you would have to downsize your lifestyle. You’d have to get rid of cars. You couldn’t send the kids to the schools that you want them to go to.
If you passed away earlier than expected, your loved ones wouldn’t get the kind of opportunities and upward bound mobility that you would desire. As you began to think about this in more depth it becomes more apparent, more raw and real, that your life is mortal. It’s something that has to be protected.
This is why a lot of people buy life insurance. It replaces what would have come in over the remainder of your life. How much insurance should you get? We generally recommend following what’s called the 10x rule. Dave Ramsey and other famous financial planners talk about this a lot.
The concept is simple. Take your annual income and then multiply it by 10. This is a good starting point for how much life insurance coverage you need to purchase. With this amount of life insurance coverage, there’s a much higher likelihood of your family being able to sustain the lifestyle they’re accustomed to if you were to pass away.
We look for the most competitively priced life insurance products out there. If you would like to find out what your monthly premium might be, give us a call at (888) 626-0439.
Alternatively you can send us a request using the message box found on this page. A representative will be in touch with more information within 24 business hours.
What if a spouse doesn’t work?
It’s still important to purchase life insurance for a spouse that doesn’t work. Here’s the reason why. In most circumstances where this is the case, it’s a stay at home father or mother that takes care of the kids. The other spouse works on a full-time basis.
There’s no immediate economic income generated from the stay at home spouse’s activities. But the truth is is that they do provide tremendous value. Their absence would have an immediate impact on your capability to work. It would impact your family’s capability to continue on with what it’s accustomed to.
I would like to share with you my personal story. Not in my life insurance business, but about me and my spouse. My wife stays at home and takes care of the whole family. I’m the one that brings in the income in the family.
Along with purchasing life insurance on myself, I bought a smaller life insurance policy for my wife. Why? I thought about it. What would happen if I lost her?
She takes good care of the kids, all four of them now. She takes care of planning for events like summer camps and activities after school. She helps with homework. She does the chores around the house.
Without her here, I and our family would be personally devastated. And we would also have to find a way to fill in the gaps that she left behind.
These are significant. How much would it cost to replace the elements listed above? These are enough reasons to support buying life insurance for a spouse that doesn’t earn an income for the hard work that they do.
Say that one spouse were to pass away. If the surviving spouse hasn’t much social security or pension plan in place then that passing will have a dramatic financial effect on them.
Get a supplemental life insurance retirement plan. With such a plan in place, if the surviving spouse is the one who doesn’t earn as much in retirement, they won’t have to change their lifestyle that much. This can be accomplished with all sorts of life insurance plans.
We recommend a permanent life insurance plan (universal life or whole life) for this. These plans develop cash value. They’re permanent in nature. They can’t be outlived like a term insurance plan. They can be purchased at all ages, whether you’re young and still working or even if you are in retirement.
A lot of husbands and wives, especially as they advance beyond their fifties and sixties, frankly understand the nature of death. They don’t want their retirement income to be responsible for paying for the entirety of the funeral and burial cost.
I’ve recently done some training for new agents that used to work at a cemetery. I was shocked to find out how much it actually costs to pay for a burial. They were regularly seeing prices in the $15,000 to $20,000 price range. Plots have gone from $1,400 up to $40,000 within a 10 year period of time.
This to me is is beyond belief. It’s exemplary of what the funeral business has gone through over the past 20 years. There’s been a large inflationary effect. The requirements to pay for a burial are that much more expensive.
Unfortunately, a lot of people in their golden years just can’t afford that kind of money at the drop of a hat. This is where a life insurance policy comes into pay for final expenses. You can get one on both yourself and your spouse.
When you pass away, it pays a death benefit to go take care of those funeral expenses. You don’t have to go into your savings or ask for help from your kids to pay such a large sum of money.
Top 5 reasons people purchase life insurance online
1.You are in control
The internet has opened up the door for consumers, giving them access to a wealth of information and the ability to buy from the comfort of their own home. You no longer have to schedule a visit with a life insurance agent or broker. You are in control when and where you make your purchase decisions.
2.No salespeople in your house
To buy life insurance you used to have to request a salesperson visit your home. Now, you can request information online and even fill out paperwork without ever leaving the privacy of your own home. Though you will need to speak to a broker at some point during the process, everything can be done over the phone.
3.Take time to make a decision
With access to information online, consumers can do their own research and make their final decision about life insurance in a time frame that is right for them. While I do want people to ultimately make a decision to purchase life insurance, I also don’t want to rush people into making this important decision unless they are 100% sold on the idea.
4.Do your background check
Online research is an important part of the process of looking for quality life insurance as well as legitimate brokers. Have a look at the company’s Facebook page, YouTube, and other social sites to ensure they offer the quality of service you are looking for.
5.More comfortable pace to doing business
When you do business online, the consumer is in control. You don’t have to worry about being rushed into a decision or choosing a product that isn’t right for you because you are in the driver’s seat.
Case study examples
30 Year Term Life Insurance
A couple recently contacted us at Buy Life Insurance for Burial after getting back from their honeymoon. They had decided after getting married that they wanted to have peace of mind in knowing if something happened to either of them that the surviving spouse would be taken care of financially.
They inquired about getting a 30 year term policy with $100,000 coverage. The only potential issue was that the wife had type 1 diabetes and had to take regular shots of insulin to regulate her blood sugar.
They had heard that diabetes could affect applications and they were concerned about what their premium would look like with this health issue.
I went away with their information and looked at a number of options. I’m happy to report I was able to get them both first day, full coverage at a price that met their monthly budget.
Though I can’t guarantee the same outcome for every couple, we here at Buy Life Insurance for Burial work hard to find the quality coverage at the best possible value to the client.
Final Expense Coverage with Health Problems
Mr. and Mrs. Kowl came to us a couple of years ago looking to get burial life insurance. They wanted just enough to cover final expenses such as funeral home expense, burial costs, and to pay off any remaining bills.
We regularly work with couples looking for final expense coverage and generally, it is a straightforward process. But this particular couple had health problems. The husband was suffering from the early stages of Parkinson’s and the wife had some minor heart problems.
I looked at a number of providers for these clients and was able to procure a policy for each of them at a price they were very pleased with. Had they gone to an agent, they might have been declined or had to pay an enormous amount for coverage each month.
Every application is unique, and we can’t guarantee coverage approval, but we do our best to get life insurance in place for all of our clients at a price point they are happy with.
If you have found this article helpful so far, why not find out what you might qualify for – simply call (888) 626-0439 or send us a message using the contact us box.
A friendly representative will speak with you about your options and offer a free, no obligation quote.
How to get life insurance on both spouses – different strategies
No matter what your age and your circumstances are, there are different strategies for purchasing life insurance. Given common circumstances, what can spouses options be when they go and purchase life insurance?
Two separate policies
This is the predominant option most husbands and wives take advantage of when shopping for life insurance. Many plans are designed to underwrite both individuals.
It makes a lot of sense to have two separate policies. It’s important to get policies whether your spouse works or not. This way, a death benefit will be paid out no matter who goes first.
You know that each life is insured. Those life insurance policies will pay whoever is named in the policy. The death benefit pays off financial obligations such as final expenses, retirement planning, or replacing your income.
Insurance at work
You most likely work for an employer that offers some sort of life insurance program. There are different kinds of life insurance available at work. We will discuss the options as well as their pros and cons.
The most common way to get life insurance at work is through a group life insurance plan for a small fee. Usually, you can get somewhere between 3 to 5x your income while employed. This amount of coverage will be paid off to your beneficiaries.
In addition to that, you can also usually pick up a smaller amount on your spouse. This is great. There are usually no insurability requirements when applying for these life insurance programs. If you’ve had health problems, it will not be an issue.
The biggest downside of group life insurance plans is that it’s not comprehensive coverage. We’ve talked about the 10x income theory earlier. In the best case scenario with these plans, just for yourself, you’ll get 5x. Your spouse would get 1x the amount of your income.
Look at group insurance as an important component, but not as a comprehensive one. This is enough reason to purchase a supplementary life insurance program. You need a standalone program if you’re an agent like myself.
You need to have total comprehensive coverage. It’s not fair to be burdened when your loved one passes away or to burden them upon your passing.
You can also purchase joint life insurance policies such as a first-to-die or a second-to-die life insurance program. This insures both of you, but it only pays one death benefit. Depending on how the program is designed, it pays a death benefit whether the first spouse dies or if the surviving spouse dies.
These plans are atypical. They’re not commonly purchased except in circumstances where there are estate provision concerns regarding taxation. Most likely this is an option that isn’t something you’ll pursue.
Stories from the field
I’ve worked in the life insurance industry for a long time and always come across clients that remind me how important it is to get quality coverage in place so that you are not a burden to your loved ones when you pass away.
This particular client was a referal from my father, who also worked in the life insurance business for a time. Mr. Jones was a retired school teacher who was 85 years old when I met him in his home in Georgia.
He explained to me that he’d gotten remarried two years before and wanted to leave his wife and kids some extra money when he passed away.
Mr. Jones had struggled in recent years with a series of strokes. He was taking blood thinners to offset the chances of another stroke, but he clearly was away that his health was declining.
He expressed to me the importance of getting first day coverage. He said he had heard and read about these companies that claim to offer no-questions asked coverage at a great price, but he realized the reality of those policies was that there was a 2 to 3 year waiting period.
He wasn’t comfortable with waiting that long for his coverage to take affect. I assured him we would do our best to get him first day coverage and went away with his details to see what I could find.
After some searching I was able to qualify him for first day, full coverage despite his health history and made sure to max out the amount of coverage that he felt comfortable with to satisfy his life insurance goals to protect the people he loved.
This all happened on a hot day in May. By that fall I got word that a claim had been made on Mr. Jone’s policy. Apparently he had passed away from heart failure right around Thanksgiving.
I was sad to get the news, but incredibly thankful that Mr. Jones had come to us for insurance and that we were able to get him first day coverage.
Had he gone with one of those other companies his work to get life insurance in place might have been for nothing, as he would not have met the 2 to 3 year probation period.
I can’t stress enough the importance of getting first day full coverage. It makes such a difference in the lives of those left behind at a time when bills and expenses should be the last thing they should have to worry about.
If you would like to find out about getting first day coverage, get in touch. We are here to help.
The different life insurance types
What different kinds of life insurance options are relevant to you? It depends on your financial goals. If you are interested in any of these types of insurance, we offer all of them. We are more than happy to discuss with you over the phone how to take advantage of these plans.
Permanent Life Insurance
Permanent life insurance is most commonly used to fund income replacement programs and final expenses. Permanent insurance is popular. It provides life insurance protection that cannot be outlived.
With the right plan, the premiums remain level. They don’t go up. You have complete peace of mind that your life insurance coverage is effective for the entirety of your life.
Rates For $10,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
$150,000 Whole Life Insurance, Life Pay
$250,000 Whole Life Insurance, Life Pay
This makes the most sense when you know that you need to have life insurance in place upon your passing.
It eliminates the risk that you may outlive that kind of coverage. This is most common in older applicants. People looking to replace their retirement income for their surviving spouse as well as pay for final expenses.
Term Life Insurance
Term Insurance is the most popular form of life insurance we see. It’s mostly people in their fifties or sixties that purchase term insurance. It’s most appropriate for temporary obligations; financial obligations that will eventually disappear.
Term Life Insurance Coverage – 10 Year Term – $100,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $250,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $500,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $1,000,000 in Coverage
People purchase term insurance to cover a mortgage. Or, in case one dies early in their working career, for a lump sum death benefit to replace their income. The family doesn’t become unfairly burdened with financial expenses.
Term insurance is the cheapest option for life insurance available because it’s simply pure insurance.
The downside is that it only lasts for a specified length of time, typically 10, 20, or 30 years. Once that time is outlived the price becomes so expensive that it makes no sense to keep. Sometimes it cancels altogether.
If you’re interested in qualifying for life insurance, visit my website. You can go to buylifeinsuranceforburial.com and grab a free quote.
I do ask that you message me first. You can do that by clicking the contact box; the one at the top or the bottom, and send me a quick message. Or just call me. The best way to reach me is (888) 626 0439, and speak with me live.
Thanks for stopping by. I hope this article has encouraged you to seek out more information regarding life insurance if you don’t already have a policy in place.
Life insurance provides not only peace of mind, it also provides financial security to your loved ones when they need it most. To find out what you might qualify for, get a no obligation quote today by calling (888) 626-0439.