Do You Need Spouse Life Insurance?

June 9, 2021

JUNE 9, 2021: Your spouse is an invaluable part of your life. You love them, appreciate them, and acknowledge all of the contributions that they make to your home. What would you do if something happened to your husband or wife? It’s not easy to think about, but spouse life insurance makes it easy to plan for the unexpected. You might need to invest in a policy if any of these four reasons are relevant to your life.

(1) Household Services Replacement

The help that your spouse provides around the house is an essential resource to your family. Whether it's caring for kids during the day or cooking meals every night, your quality of life is unquestionably bettered by the household services he or she provides. If your spouse were no longer able to provide this assistance, you would be forced to hire an outside provider or take over these tasks yourself. Spouse life insurance can provide protection against this potential cost.

(2) Income Replacement

In addition to helping around the house, your spouse likely contributes to your household's income, and you need this income to pay bills and your mortgage. Without this income, you may be unable to sustain your family, which could be disastrous. Spouse life insurance helps you prepare for such an unexpected loss of income and replace part or all of the income that your spouse would have contributed. This can provide peace of mind and ensure that a potential loss does not financially impact you.

(3) Debt Relief

Many couples co-sign for financed purchases, even if only one spouse will be making payments on it. This is especially common with mortgages and cars, but what happens if your spouse passes and leaves you with the burden of debt? Unfortunately, creditors will not forgive debt due to the passing of a co-signer. However, spouse life insurance can help provide debt relief, either through partial pay-off of the debt or through income replacement, making it easier to continue making payments.

(4) College Planning

Many expenses are associated with college — housing, meal plans, tuition, parking fees. These are just a few of the costs that your child will likely incur when they head off to school. Saving for these expenses via a 529 plan is an integral part of planning for their future, but loss of your spouse's contributions to this fund can seriously threaten your child's future. Without savings for college, students will often have to take out high-interest loans — a financial burden that you want to avoid at all costs. Spouse life insurance offers a great layer of protection for funds contributed to a 529 plan, so you don't have to worry about your child's educational or financial future.

About National Catholic Society of Foresters

At National Catholic Society of Foresters, we pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.

Our portfolio is extensive, ranging from various life insurance policies to our new MYGA to support your financial needs no matter what stage of life you’re in. For more information, contact us at (855) 804-7424.