By The Lambert Agency | Austin, Texas
Marriage is about having a shared experience and a shared life with the one you love. Sharing your dreams, responsibilities, and future with a spouse is one of the most powerful things you can do in this lifetime. With this being said, many couples will overlook one of the most important parts of protecting their financial future; a life insurance policy. While one spouse may have a life insurance policy through their work or a personal policy it’s still important to have both partners covered in the event something happens. Life insurance for your spouse helps to ensure your family’s financial stability remains, no matter what happens along the way. Here at The Lambert Agency, we help couples across the greater Austin, Texas areas find the best life insurance coverage options for them which are both affordable and customized to each and every couple’s unique needs and wants.
💡 Why Both Spouses Need Life Insurance
Life insurance is not just for the primary income earner, it’s for anyone whose absence would create a true financial burden. Whether your spouse is a full-time employee at a company, stays at home with the kids, or contributes in other ways to the household, their role does have financial value.
Here’s why proper life insurance coverage matters for both spouses:
- Lost income replacement: This aspect of life insurance for spouses helps cover any household bills, mortgage payments, or childcare if your spouse passes away.
- Family stability: The level of stability a life insurance policy can provide is very important, as it helps to ensure your family’s lifestyle can continue without financial disruption.
- End-of-life costs: Final expenses such as funeral costs, burial costs, or end of life medical expenses add up quickly. Having the right level of coverage through a life insurance policy for your spouse can help cover associated costs.
- Peace of mind: Just knowing both partners are protected will allow you to focus on living your best life, not worrying about the “What if?”.
Even if one of the spouses is a stay-at-home parent, they will often provide tens of thousands of dollars worth of uncompensated labor. Whether it’s childcare, meal preparation, or management of the household. Life insurance helps ensure all of those responsibilities will continue to be supported financially should something tragic happen.
🏦 Types of Life Insurance for Your Spouse
Term Life Insurance
Term life insurance is by far the most affordable and straightforward option for couples.
- Provides set levels of coverage for a set period of time (e.g., 10, 20, or 30 years)
- Ideal for protecting your family during mortgage or child-rearing years
- Pays out a lump sum to your beneficiary if your spouse passes away during the specified term
You’re able to purchase separate term policies for each spouse, and even sometimes a joint policy that covers both individuals under one single plan.
Whole Life Insurance
Whole life insurance policies provide lifetime protection and build cash value over time.
- Premiums will always remain fixed
- Coverage never expires, as long as the payments are made in a timely fashion
- Cash value can be borrowed from or even withdrawn if needed later on in life
This type of life insurance policy is best for couples seeking out long-term financial planning, not just short-term protection.
Employer-Sponsored Coverage
Many employers will offer life insurance coverage as part of their benefits package, yet these policies are often limited in total payout amounts (typically 1–2 times your annual salary) and they will not travel with you if you choose to change jobs. Supplementing this employer-sponsored life insurance policy with your own individual policy will ensure lasting coverage that stays in place, no matter where your spouse works next.
⚖️ How Much Life Insurance Does Your Spouse Need?
It’s always a good idea to carry 6-10 times your annual income in the form of life insurance coverage. Consider the following when building out your life insurance policy:
- Outstanding debts (mortgage, car loans, credit cards)
- Future expenses (college tuition, childcare, retirement)
- Income replacement (how long would you need support?)
- End-of-life costs
Here at The Lambert Agency, we’ll assist you with calculating the right level of coverage to keep your family financially secure for many years to come.
🧾 Joint vs. Individual Life Insurance Policies
You can choose to purchase one life insurance policy to cover both spouses, or two separate individual life insurance policies as well. Joint life insurance policies may be the most convenient, but they could also be less flexible. This is especially true if one partner outlives the other. Most couples will prefer to have individual policies so each partner has coverage tailored to their specific needs, health, income, and wants.
💬 Common Questions About Spousal Life Insurance
Q: “Can I take out life insurance on my spouse?”
Yes, you can, as long as your spouse provides consent and there’s an “insurable interest”, meaning you’d be negatively impacted through financial means if they were to pass.
Q: “Can a stay-at-home spouse get life insurance?”
Yes, they can. Even though a stay-at-home spouse may not have a formal income, their contributions have measurable financial value, and most insurers will recognize said value.
Q: “What happens if we both pass away at the same time?”
Separate policies best ensure both forms of benefits are paid to your chosen beneficiaries upon passing. This in turn provides double protection for your children or heirs.
🌟 The Lambert Agency Advantage
Here at The Lambert Agency, we truly understand the importance of protecting your marriage and your family. This means so much more than simply checking a box, it means planning for each and every possibility with true compassion and care.
We help couples:
- Compare quotes from multiple top-rated insurers to provide the best price and level of coverage
- Customize policies for both spouses, as individual needs and wants may vary
- Balance affordability with long-term protection to best ensure you and your spouse are covered at the most optimal price
We will guide you through each step of the process. Choosing the right level of coverage amounts to ensure your beneficiaries are set up if you happen to pass.
Get a Free Life Insurance Quote for You and Your Spouse in Austin, TX
Love is about caring for each other in every way possible, including through finances. Protect your family’s future today with the right level of life insurance coverage via a plan built for two; you and your spouse. Feel free to fill out the form below and we’ll be sure to respond to your message as soon as possible. We look forward to hearing from you soon!