Common Myths
About Life Insurance
For Your Spouse

…Life insurance is a waste of money!

…I already have life insurance through work.

…My wife stays at home with the kids, she doesn’t need life insurance.

…I would get life insurance but I can’t afford it.


I get it!  In todays world with inflation and cost of living expenses, it’s hard to imagine spending money on something you “MIGHT NEED,” like insurance for your spouse.

myths about life insurance


But trust me, I have seen the other side of someone loosing their spouse and not having that financial support anymore- it’s tragic.  


Tragedy on top of tragedy because you are already dealing with the loss of your loved one.



There are lots of things we have in life, “just in case.”

  • car insurance
  • home insurance
  • renters insurance
  • phone insurance
  • personal protection; mace, tazor gun or a firearm
  • umbrella- in case of rain
  • extra diapers- messy jobs


You get what I’m saying!


Life insurance is just one of those things you need.  Some would argue, it may be the most important insurance to have.


Let’s review some common myths out there about life insurance for your spouse.  Maybe you’ve thought these same things.

Common Myths

Not true! If you are smart and get life insurance when young and healthy you might be surprised how affordable it really is!  If young and healthy, you often pay less than your breakfast/coffee runs for the month.  On average for someone in their 20’s or 30’s to get a $1 million dollar policy; they pay less than $35/month.

Hardly ever is this true!  


Of course it’s a nice benefit to get life insurance through your employer but typically it’s a bit more than your yearly salary and that money won’t last long!

Also, and maybe more importantly; if you leave your job, your policy DOES NOT go with you!


Don’t be left unprotected, trust me- you need your own policy…on top of what your work offers.  I always say, consider your work policy as,”shopping money,” or extra income.

Gosh, this may be the worst one yet!  


If you have a family and are able to afford to keep a spouse home for the children then can you image if that spouse dies what it would cost to cover all that he/she provides?  It would be a lot!


I always remind clients to consider these expenses; daily childcare for young children, carpool expenses, childcare when a child home sick, house cleaning, food shopping and meal prep just to name a few.  


You may have to consider a live in nanny for a time; make sure you have the financial protection to care for your family.

I often recommend at least a $500,000 policy for stay at home parents-more if you can afford it.  

Case Study

I have a good case example to share with you that may help explain this better.


I have a client, we’ll call her Anne.  She and her husband Will started their family and now have a 3m old little girl.  They’ve decided Anne will stay home and care for their child.  

Will works for a big corporation in Dallas and makes $175,000 a year. They are both in their late 20’s and in great health.

                                                                …..YOUNG AND IN GREAT HEALTH

For several years they have been married and never thought to look into life insurance.  Will made a comfortable living and Anne loved being a school teacher but after they had their first child they started thinking more about long term needs.

life insurance for your spouse


Will had a life insurance policy through his employer for $200,000 as a benefit they offered him.  Anne had a $40,000 policy through her employee benefits.


Will found me on-line and requested a chat.  He found all the life insurance info overwhelming and needed a guide.



First, we talked about his current lifestyle and expenses and also about their plans to grow their family.

Will and Anne both agreed they wanted more children and that their lifestyle and home were very important to them.


Next,  we needed to figure out the policy amount that would fit their needs and budget.

We took Will’s yearly salary of $175,000 x 10 = 1,750,000.  This was a starting point for a good policy amount to cover long term expenses.  

Will wanted to make sure his family was covered after his death and so we rounded it up to a $2 million dollar policy.  I helped him shop around for the best deal.


Now the policy he has through work is still great and will provide additional income for Anne if he dies… BUT- if he ever leaves his job he will still have his own $2 million dollar policy in place, no worries.


For Anne, when she left her job to stay home with their child, her policy ended.  


Finally, we talked about Anne’s role at home now and with addition children in the future what financial support Will would need if Anne were to die.  In this case they felt that a $600,000 policy would cover their needs.

So what did Will and Anne go with?

Will found a policy through Transamerica.  

  • 20 year term
  • $2 million dollar policy amount
  • He got to choose his payments; $57/month, or yearly $690
  • He also decided if he wanted to have a medical exam (often to same money) or no exam (the younger you are the more likely you won’t need to have a medical exam-even so, they are convenient, simple and quick!)

Anne found a policy through American General (AIG)

  • 20 year term
  • $600,000 policy amount
  • $18/month or $57/quarterly
  • based on some health questions she may/may not need a medical exam


Typically polices take 2-4 weeks to process.  Sometimes you can get a policy instantly.

It all depends on your health and your family history.

Truly; the younger you are, the healthier you are..the cheaper life insurance is.  


It’s BEST to get life insurance young!


Wrap Up


I helped debunk 3 myths about life insurance for your spouse!


  • Life insurance IS affordable, the younger you apply the more you save
  • Life insurance benefits through your job are amazing-but typically not enough. If you leave the job the policy usually ends too.
  • A stay at home spouse is essential to your families health and well-being.  If that spouse were to die, the expense for childcare, at home duties, after school activities will need covered.  Don’t forget to plan for that too.


I have insurance for many, “just in case,” events in life.

Life insurance for your spouse may be the most important to consider.


Let us at Arlington Greene Agency help you shop for the best policy and rates. Our small business treats you like the special clients you are.  We want you for life!


We helped Will and Anne…we can help you too!