Life Insurance for Married Couples

Reviewed by W&S Financial Review Board
Life Insurance for Married Couples DefinitionLife Insurance for Married Couples Definition

Key Takeaways

  • Buying life insurance as a gift can provide some financial protection for your spouse.
  • The death benefit from a policy can help your partner pay off debts or replace lost income.
  • You can also gift a policy that insures your spouse, which can make them feel appreciated for their contributions to the family.

If you've been married for a while, you likely have go-to gifts you know are winners. One such as a piece of jewelry, clothing from a favorite store or concert tickets. But a life insurance policy? That one may not be on your idea list. While gifting life insurance to your partner may seem unconventional, it can provide many benefits, foremost emotional relief in the event of an untimely death.

Discover more about why life insurance is important and how it can make such a great gift for a loved one.

Life Insurance: Why It's a Wise Idea

Life insurance protection, while not as romantic as some more common gifts, helps provide financial security that may benefit your spouse for years. Here are a few more reasons to consider buying a policy the next time a special occasion rolls around.

You Can Give the Gift of Financial Security

Perhaps the most important benefit of buying life insurance is the financial security it can provide. When you take out a policy with your spouse as the primary beneficiary, they gain a financial safety net for when you pass away. Your spouse can feel more confident that they'll be able to maintain their lifestyle, no matter what the future brings.

Your partner can one day use the death benefit to help make final arrangements, such as a burial or funeral. Or they can use the proceeds to help pay down outstanding debts, including jointly owned mortgages and car loans.

The Policy Can Replace Lost Income

The last thing you want is for your spouse to stress about monthly expenses should something happen to you. By adding an optional family income benefit rider to a term life insurance policy, you help safeguard them by putting in place a greater sense of security about their financial future.

Should you pass away while the policy is in force, the family income rider pays the death benefit in monthly installments. Those in turn help replace the income you once earned for your family. By receiving a steady stream of cash until the term expires, your partner will have an easier time paying for ongoing expenses, ones such as for groceries, utilities and loan payments.

You Can Help Them Feel Valued

Alternatively, you can gift your spouse a policy that insures their life. That protection provides the rest of the family more solid financial footing when your spouse passes on. That simple gesture can help your partner feel appreciated for their tangible contribution to the family.

Insuring your spouse is crucial if you rely on their income to pay ongoing bills or manage future expenses, such as college tuition or the down payment on a home. But it's also important for stay-at-home parents who play a critical role of their own. The ability to pay for child care or housekeeping expenses is one of the reasons why life insurance is important — even for someone who doesn't work outside the home.

They Can Have Protection If You Get Sick

An accelerated death benefit is a rider that helps protect your spouse financially should you face financial challenges as the result of a serious illness. This feature gives you the flexibility to access part of your policy's death benefit while you're still living.1

You and your spouse can use that money to help cover medical bills, pay the mortgage and manage other expenses that would otherwise present a difficulty. While some life insurance policies offer this rider at an additional cost, others wrap a "living benefit" feature, as it's sometimes known, into the coverage at no additional cost.

You Can Lock in Lower Premiums

Gifting life insurance when you're young enables you to lock in protection at the lowest possible price. Most life insurance products offer level premiums for the duration of the policy. That means you can potentially pay the same premiums years from now that you do when you first obtain coverage.

You Can Help Guarantee Your Insurability

Most life insurance policies require a medical exam and/or a detailed questionnaire about your health history. Consequently, an illness could result in you being denied coverage when you apply for coverage in the future. By purchasing a policy for your spouse when you're still healthy, they won't have to worry about your ability to qualify at a later date. Plus, you're getting the best possible rates by taking out a policy when you're younger and generally in good physical condition.

Protection for the People You Love

Life insurance can be an invaluable gift for a loved one. If you're interested in learning more and considering a policy that's right for you, schedule an appointment with a financial professional who can walk you through your options.

    Help secure your spouse's financial future. Get a Life Insurance Quote  


  1. An accelerated death benefit rider (ADBR) allows an advance to be paid against a portion of the death benefit in the form of a lien or loan against the policy, provided that the insured is diagnosed with a qualifying chronic or terminal illness. Rider terms vary by type of life insurance and state. The type of illness determines the maximum advance amount available. There are no restrictions on how the money from the ADBR can be used after payment. Payment of accelerated death benefits, if not repaid, will reduce the death benefit and affect the other policy values. Receipt of accelerated benefit payments may adversely affect the recipient's eligibility for Medicaid or other government benefits or entitlements. They may also be considered taxable by the Internal Revenue Service. You should contact your personal tax advisor for assistance.

Related Life Insurance Articles


Information provided is general and educational in nature, and all products or services discussed may not be provided by Western & Southern Financial Group or its member companies (“the Company”). The information is not intended to be, and should not be construed as, legal or tax advice. The Company does not provide legal or tax advice. Laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy, or completeness of this information. Federal and state laws and regulations are complex and are subject to change. The Company makes no warranties with regard to the information or results obtained by its use. The Company disclaims any liability arising out of your use of, or reliance on, the information. Consult an attorney or tax advisor regarding your specific legal or tax situation.