Should I purchase life insurance on my spouse?

In most cases, yes you may want to consider buying life insurance on your spouse.

Imagine everything your spouse does for your family, and how would you pay for that if he or she were no longer alive to take care of those things, like cleaning the house, taking the kids to school and activities, doctor visits, cooking, and everyday errands, as well as, just being there for the kids and the family.

At the very least, if your spouse works and contributes to the family's annual income then adequate life insurance protection would be needed to supplement his or her income should he or she die.

If your spouse does not earn any income, but is a homemaker, then life insurance protection may be needed to cover daycare costs and other costs associated with the loss of a parent.

Use a life insurance needs calculator for additional help on estimating the amount of life insurance your spouse needs.