Expert Q&A

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.


Related Topics: Life and Disability Insurance
Related Tags: Life Insurance, Coverage, Universal Life Insurance
David Tirpak, CLTC, CASLĀ®
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By David Tirpak, CLTC, CASLĀ® - The Tirpak Agency
Answered 9 months ago

If your concern is simply to cover final expenses and to clear up some remaining debt should you wife pass away before you, you might want to consider a Single Premium Whole Life policy. Depending upon age and, of course, health underwriting, you could transfer pennies on the dollar so that you would have additional assets available to you. Here is one example … If I had $15,000 set aside for the untiming passing of my 54 year old wife, I could either reposition the total $15,000 into a Single Premium Whole Life policy and receive almost $38,000 upon her passing or reposition roughly $6,000 into a policy, keep the other $9,000, and still receive $15,000 upon her passing.

Dante T. Thompson
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By Dante T. Thompson - The Benefit Center
Answered about 2 years ago

If you have a spouse, than that is an indication that you need life insurance. Some insurance plans have the ability to add both husband and wife under one policy

Dante T. Thompson
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By Dante T. Thompson - The Benefit Center
Answered over 2 years ago

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.

Dante – dthompson@the-benefit-center.net

Tatiana Rios
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By Tatiana Rios - New York Life
Answered over 2 years ago

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.


If you have additional questions, feel free to email me directly at tcrios@ft.newyorklife.com

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