Life insurance isn't just for the Working Spouse

Australian families commonly purchase life insurance for the main income earner, but what about the non-working spouse? What dollar value would you place on the effort a non-working spouse contributes to the household?

Answering both of these questions is important. If the stay-at-home spouse were to suffer an accident and became disabled, or passed away, the loved ones left behind would most likely suffer financially.

Covering the stay-at-home-spouse

The stay at home spouse is often the cook, cleaner, nanny, driver, and general household carer. The cost of hiring someone in the absence of the stay-at-home-spouse could add up to thousands.

However, if both partners had life insurance, the remaining spouse could use the funds from a claim to pay off any immediate debts such as the mortgage. The funds could also be used to pay for bills, educational costs, and potentially pay for a cleaner and or nanny to help care for your children.

As a result, the remaining spouse is often left with a better quality of life, with spare time outside of work to spend with children and loved ones, rather than labouring over household chores or worrying about bills.

Couples insurance discount

There are of course benefits for covering the stay-at-home spouse in a family. Many insurers offer couples insurance discounts, usually ranging between 5-10% depending on which insurer is selected.

Over the life of both policies, the savings could add up to thousands of dollars.

The thought of losing your partner is probably not something you would like to consider, particularly if you have children. It's a period in your life that should be spent mourning the loss of a loved one with family and friends, rather than worrying about money and bills.

Nonetheless putting adequate life insurance in place will boost your family's financial confidence, and offer you peace of mind in knowing that funds are available should the worst happen.

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June 2011