Should my spouse have life insurance if I already have a sufficient policy?
I have a universal life insurance policy that fully covers my wife’s income and expenses for years (I’m the breadwinner), but does my wife need a policy as well? She works part-time.
Ask yourself, if something happen to her would you be able to spend 10-15,000 for funeral costs? I have found that the answer is no, so there is a need for your wife to have her own policy.
Contact an independent insurance agency to obtain the best prices, companies, and products that are available.
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It’s recommendable for her to have insurance as well particularly if you have children or other dependents. It doesn’t need to be a large policy, but enough to cover her contribution to the household income and the amount your family would need for any household and child care expenses.