If your spouse would struggle to pay the bills without you, get term life. Cover the rent or mortgage, shared debt and a few years of income.
Many families do not have much cushion. In LIMRA's 2026 study, 47% of adults said they would struggle to pay living costs within six months if the main earner died.
A new couple often shares a lease, a loan or a mortgage. Life insurance can pay those off so your spouse is not stuck. It can also pay for a funeral.
Buying while you are young and healthy keeps the price low. Price goes up with age. You can always add more coverage when you buy a home or have a baby.
Tips that help
- Name your spouse as beneficiary on every policy, including the one at work.
- Cover your shared debts first, like a mortgage or car loan.
- Think about the next 20 years, not just today.
- Buy while you are young and healthy to lock in a lower price.
- Review your policy again if you buy a home or have a child.
Coverage that fits
Common questions
Do we both need a policy?
If either of you would struggle to pay the bills alone, yes. Each person gets their own policy.
Is coverage from work enough?
Maybe not. LIMRA says 47% of owners have coverage through work, and it often ends when you leave the job.
How do I add my spouse as beneficiary?
Ask your insurer for a change form. The NAIC says the policy owner can change beneficiaries at no cost.
