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How Much Life Insurance Coverage Is Allowed for Non-working Spouse

1/21/2014

2 Comments

 
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Q. I want to buy a Term insurance for my stay-at-home wife who has no income.  How much coverage can I buy for her?

A. Generally, most insurers allow 50% of what a working spouse has in force.  For example, if you have $1M life insurance in force, then non-working spouse would be eligible for $500K coverage.

However, it is possible for a non-working spouse has higher coverage, in order to obtain that, the client will be required to submit a written letter explaining the need for the requested face amount on the non-working spouse.  Such needs could be mortgage, day care for the kids, school expense for the kids, etc.  The final decision will be made by the insurer.

2 Comments
Best medical insurance in Dubai link
9/30/2023 03:55:33 am

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Medical Insurance Companies in Dubai link
11/24/2023 01:05:58 am

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