Everyone should have a life insurance policy. No one on this earth lives forever, making final expense life insurance something that we all should consider. Consider who you are insuring, and how their loss would impact would impact the family. Certainly, the economic loss is important, but so are the emotional and physical losses. Those tips are very general, but when your spouse is the one being discussed, there are some points which need to be made.
Spouses, and in some states domestic partners as well, are considered equals. The couple may share the household duties, or they may be the responsibility of either spouse. Either way, both are contributing to a shared family. If your spouse were to pass away, the costs, even after burial would be high. Whether or not your spouse contributed financially, you would suffer an emotional loss which could leave you incapacitated for a while. Having an insurance policy that could pay for your time of sorrow could be a very good idea.
A stay at home mom would not only be traumatic, it would introduce previously unseen costs. For instance, you would no longer have someone to watch over the children, pick them up from school, cook, clean, or any of the other regular activities of your spouse behind the scenes. Who takes the kids to the doctor? Goes to school functions? Shops for the meals? Anything which your spouse contributes will constitute an insurable loss.
Does your spouse have a job? Would her loss cause economic distress? Of course, you have burial insurance to cover the funeral, but what about paying the car payment, the mortgage, buying the family clothing, paying the utility bills, and everything else that just slips out of your paycheck every week. If you were not paying for all those costs yourself and then had the whole collection dropped on you, it would create a serious financial drain.
You and your wife could also share a life insurance policy. Policies are available for couples and families, or you could get a single policy with a "final survivor" clause that paid out when either partner died. If you are going to be together for the rest of your lives, joint policies could probably save you money in the long run.