Life insurance for you husband is not only extremely important but also essential in any married couple’s financial plan. For parents with children, they have the greatest need for life insurance coverage. But what if your husband is too macho to think anything will ever happen to him? Can you buy a life insurance policy on your husband?
Yes you can, but in my opinion, you have more than an insurance problem, you could have a marital problem. I am not a psychiatrist and won’t even pretend to be a specialist about marriage but I can’t think of any good reason why a loving husband or father would not buy a life insurance policy to protect his family.
So ladies, if your husband is too macho or too stubborn to buy a life insurance policy, here’s how you can do it.
How To Buy Life Insurance For Your Husband
Many women don’t realize that if their husband dies, they are responsible for any debt or outstanding bills that the husband has incurred. This is a common cause of bankruptcy for many women and is why life insurance is so important for married couples.
When purchasing a life insurance on another individual – in this case, your husband – you will need to show that you have insurable interest. The insurance company will want to know if your husband suddenly passes away, you will suffer a financial loss.
For most married couples this is easy to prove. Many couples, husbands and wives often share the household bills and financial responsibilities. So, if something should happen to your husband – if he died – the insurance company will fully understand your insurable interest and approve a policy.
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Does My Husband Have To Know I Am Buying a Policy On Him?
Not only will he know about it, he will be involved in the process. There will be a good chance that he will need to submit to a medical exam. The insurance company will send a nurse or a paramedic out to your home and draw blood, have him provide a urine sample and ask him many medical questions.
Your husband will also have to sign the application as the insured or the owner depending if you want him to own the policy or not.
How Much Coverage Can I Buy For My Husband?
The insurance company will want to know how much money your husband earns. Is there a mortgage? Outstanding debt or credit cards. All the answers to these questions will provide a number or death benefit that can be reasonably applied for.
Here is a simple formula to come up with a death benefit amount: Monthly bills + outstanding debt x 12 (months) = Total liability. Now divide the liability by a current interest rate (3%) = death benefit amount.
What If My Husband Doesn’t Qualify For Coverage?
If your husband has a serious illness or is overweight, smokes or participates in hazardous activities, there is a possibly he could be declined for coverage. In this situation, you would need to apply for a no medical exam policy but you will be limited in the amount of coverage that can be purchased.
Here are the basic coverage limits for no exam life insurance.
Age 21 to age 65: $50,000 to $500,000
Age 66 to age 60: $5,000 to $99,000
Age 70 to age 75: $5,000 to $50,000 (whole life insurance only)
See this article for more information on No Medical Exam Life Insurance For Parents
What Type of Coverage Should I Buy For My Husband?
First of all, the younger your husband is, the cheaper the policy will be. For most married couples, term life insurance will do just fine.
Term insurance: is temporary coverage which you purchase for a specific term. Available types of term are 5, 10, 15, 20, 25 and 30 years. The coverage amount (death benefit) remains level and the premiums are guaranteed not to increase during the term. Once the term is over, coverage ends. If insurance coverage is still needed, you would have to apply for a new policy.
Permanent or Whole Life Insurance: Whole life insurance is designed to provide lifetime coverage. It is designed for people that see their insurance needs as long term. As long as you pay your premiums, the coverage will not end. Keep in mind that whole life insurance is can be 5 to 10 times more expensive than term insurance so sometimes people reduce the death benefit so they can afford a whole life policy. Don’t let yourself get caught in this trap. The amount of coverage you need is most important.
I’ve been in this business – God help me- for more than 20 years and I have learned that some men will only go to a doctor when they are sick and it is absolutely necessary. So getting them to buy life insurance or take an insurance exam could be a struggle for many wives, but believe me, it’s worth the fight.