|
|
Life insurance isn't just for the
Working Spouse
When thinking of life
insurance cover, most people tend to think about a
policy for the main income earner, or breadwinner. But
there can also be reasons why it pays to insure the
non-working spouse.
When any partner in a relationship dies, there is enough
to take care of without the added stress of financial
burden. While the working spouse (who often has life
insurance) might be the one that brings in the income to
pay the debts, it’s generally the non-working spouse
that provides the back-end support to allow that to
happen.
If a non-working spouse dies without
life insurance
cover, the working spouse may find themselves in the
position of having to take a lower-paying job so as to
enable themselves time to take care of any children from
the relationship. Even an initial few weeks’ leave
following the funeral may present an unaffordable burden
not to mention ongoing (Mortgage repayments, school
fees, and other general household expenses).
And if the working spouse needs to maintain their career
position so as provide enough income to cover existing
debts, will they be earning enough to pay for previously
un-needed, or additional, child care? The working spouse
may also require general domestic help so that they can
spend quality time in their non-working hours with their
children, rather than struggling with the household
chores.
Loss of a spouse is something most people don’t like to
contemplate, especially when children are involved. But
loss of a non-working spouse can be just as financially
challenging as the loss of a working spouse, so it pays
to consider investing in the protection of suitable
life
insurance cover for both parties in the relationship.
May 2008 Disclaimer
The information provided
is general in nature and does not take into account
your particular insurance needs, financial situation
or investment objectives. We recommend that you speak to
an xLife risk advisor before you make any decision regarding life insurance. |
