Colorado Marine Officer

Myth 3: My wife does not work, so she doesn’t need her own life insurance policy. Fact: Stay-at-home spouses might not produce income, but they often provide important services that are expensive to replace, such as cleaning, cooking and childcare. Some spouses also find that their own ability to earn is temporarily reduced after the loss of a partner. Example: A lawyer in private practice spent the year after his wife’s death walking around in a daze, causing his income to plummet. Couples with children should have at least $1 million in coverage for the nonworking spouse, more if the family is large or lives in an expensive area. You can consider decreasing that figure if the kids are in their teens and reducing it again once the kids are out of the house. A 40-year-old non-smoking woman in good health should be able to get a $1 million 20-year level-term policy for about $730 a year