Like death itself, talking to your spouse about life insurance should be something you do. Unlike death, however, it’s better to do it sooner rather than later.
Mystery books and movies have put this weird, funny idea into our heads: if our spouse suddenly takes out a life insurance policy under your name, then that means they are trying to kill you. Luckily, you don’t live in a book or a movie, so if your spouse takes out a life insurance policy under your name, that means they’re well-informed individuals who are worried about their financial future and are only preparing for the absolute worst. Here are some questions you should ask yourself if you are thinking about purchasing a life insurance policy for yourself or your spouse.
Who needs a policy, and how much should I buy?
- Who needs it? Those families in which one spouse depends on the other for financial security are in need of a life insurance policy. Should you or your spouse pass away, how will you pay for your mortgage and other expenses?
- How much should I buy? It’s hard to pinpoint exactly how much any one person needs. You need to think about: your mortgage, any existing loans (e.g. student loans, car loans), the cost of college for your young children, the costs associated with children, and how long it will take your partner to reach retirement.
If your spouse takes out a life insurance policy, it (likely) doesn’t mean they are plotting your death. It just means they are worried, should you pass before your time! So don’t break a sweat–that is, unless they also book a skydiving trip just a few short weeks after this policy has been confirmed. For more information on how you can get the correct amount of life insurance coverage for your family, contact the Bristol team at C.V. Mason Insurance Agency.