Life insurance for a spouse
Two policies, sized separately. Matching amounts is usually lazy.
Couples frequently buy identical policies because it feels equitable. It usually isn't the right structure, because the financial consequence of losing each partner is rarely the same.
Sizing them separately against what each person actually contributes produces a better answer.
Size each policy to its own gap
Work out, for each partner in turn, what the household would lose and what it would cost to replace.
- Income, and how long it would need replacing
- Unpaid work — childcare, household management, care of a relative
- Benefits attached to that person's employment, including health coverage
- Debts in that person's name that wouldn't be forgiven
- Whether the survivor would keep working the same hours
The consent point
You generally can't insure a spouse without their knowledge. They typically must consent and participate in the application, including any medical questions and exam.
Insurable interest is straightforward between spouses; consent is the part that isn't optional.
Consider ownership deliberately
For most couples, each owning their own policy is simplest. In some situations — larger estates, second marriages, business interests — who owns the policy has tax and control implications worth taking advice on.
It's also worth knowing that ownership determines who can change the beneficiary, which matters if circumstances change.
Review it after any change
Marriage, divorce, a child, a house, a job change, a business — each of these changes the calculation and the beneficiary designations. Divorce in particular: an ex-spouse still named on a policy is one of the most common and most consequential oversights.
Common questions
Usually not. The financial consequence of losing each partner is rarely identical — size each policy against what that person actually contributes, paid and unpaid.
Generally no. They typically must consent and participate in the application, including medical questions.
For most couples each owning their own is simplest. Ownership has tax and control implications in larger estates or second marriages — worth advice in those cases.
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This page is general information, not advice about your specific circumstances. A licensed insurance professional can tell you what’s actually available to you.
General information only, not insurance advice. Coverage, availability, and terms vary by insurer and by state, and are subject to underwriting. Quote My Policy LLC is a licensed insurance producer. Nothing here binds coverage.