Buying Life Insurance Basics for a Spouse

Video Transcript

"This is John Pinelli, financial representative, talking to you today about buying life insurance on a spouse. Oftentimes, married couples will like to purchase life insurance policies on each other so that in the event of one of their deaths the other one would be able to survive, put the kids through college, pay off a mortgage, etc. Now, purchasing life insurance on a spouse is a wise thing to do, and it can typically be done fairly easily just by contacting a good insurance agent to to sit down with you, run through the quotes, explain the process of how it works, and sit down with you and find out not just whether or not you do have life insurance, but what the right amount would be based on your individual situation and needs. Now, purchasing life insurance on a spouse can be very important not only if the spouse that you're purchasing the life insurance on is the main breadwinner, but also if that spouse is someone who provides value to the household that may not be in terms of actual money provided. Now, an example of this would be a stay-at-home mother or father who provides care for children, but doesn't bring any income. They still provide a valuable service to the family, and it may be within the best interest of the family to purchase life insurance on that individual, because for example, if that individual were no longer able to, were no longer in the picture they would be unable to provide those children with care, and the main breadwinner of the family would have to go out and find somebody to replace that that care, and of course that would that would cost money, whether it be a a daycare, a babysitter, etc. Those types of things do cost money, and it's important to plan for that type of type of loss within a family. So, this has been John Pinelli, financial representative, talking to you today abut purchasing life insurance on a spouse."