Life Insurance for Spouse (Non-Working): All You Need To Know
Welcome to the Wealth Curve Talk Podcast. In this episode, John continues his series on the Wealth Curve Blueprint. Continuing a mini-series on life insurance, he discusses life insurance for spouse (who does not work or who works part-time).
John is the author of 5 Ways Your Wealth is Under Attack. He has lectured on financial planning at various faculties. He has also received the Five StarSM Wealth Manager Award for 2011, 2012, 2013, 2014, 2015 and 2016.
John’s strength is his ability and commitment to improving the level and quality of the financial planning process.
His dedication to his clients’ growth involves an evolving strategy. His focus is to meet the demands, desires, and needs of his clients in a changing economic environment.
Don’t miss John’s key points:
- Firstly, spouses who work part-time or who do not work have insurability interest, which should be maximized.
- Secondly, consider the value of the unpaid work done by a spouse who spends much of their time raising children. You have to drive them to and from school, oversee homework and music practice. You have to drive them to their after-school activities, preparing meals, keeping the household in order, etc.
- Were your family to lose that, you lose all of that labor.
- Also, if you try to make up some of that yourself, you lose income and income potential.
- Further, making sure that your non-working or part-time working spouse has the maximum amount of coverage based upon your coverage is a fundamental of good planning.
- Lastly, it allows you to keep your future obligations: college, paying off debts, weddings, bar mitzvahs and bat mitzvahs, sweet sixteens, and all the other things that you want to do for your kids.
For details, listen above. Of course, it would be a tragedy were something to happen to your spouse. But from a financial perspective, it does not have to be a crisis—if you have good planning.
We want to help you with that, so go to smallwoodassociates.com and request “let’s get started,” or call us at (800) 797-1000. Ask to set up a Wealth Curve conversation. It’s free, with no obligation. We look forward to speaking with you.