Buy Life Insurance for Your Wife

Category : Insurance

If you are not aware of the importance of buying life insurance for your wife, please read every word below very carefully. It is vital for a healthy family to get the wife insured against premature death.

The premature death of a wife and mother can have a severe financial impact on a family. Contact your employee benefits office to determine your eligibility for dependent group life insurance and find out how much you can purchase on your wife.

Ask your wife, if she is employed, to find out through her employee benefits office if she has employer-sponsored group life insurance, how much coverage she currently has, and how much additional group life insurance she can buy.

Inventory all other available sources of group life insurance for which you or your wife might be eligible, including the Veterans Administration, professional organizations, and fraternal orders.

Assign an approximate dollar amount for child care, rounding up to the nearest thousand.

Determine the number of years it will take for your youngest child to finish a four-year college education.

Multiply those years by the gross annual income your wife now produces, rounded up to the nearest thousand dollars.

Sum those two dollar amounts to calculate the insurance need.

Add up the total amount of group life insurance currently in force on your wife, and then add any additional amount for which you might qualify.

Sign up for group life insurance during the next open-enrollment period to meet the calculated insurance need.

Apply for term insurance to make up any significant difference between group coverage and the calculated insurance need.