Does Life Insurance Cover Both Spouses?
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63333 POINTSview profilePeggy MaceMost of the U.S.One life insurance policy does not cover both spouses unless you purchase a joint policy,or a survivorship policy (and then it would only pay out upon the death of the second person), or if you added a rider on one policy to cover the spouse. Otherwise, the spouse will need to purchase a separate policy.Answered on July 23, 2013flag this answer
10968 POINTSview profileTim WilhoitOwner, Your Friend 4 Life, Brentwood TNTypically, each person has there own life insurance policy. However, a spousal rider can be added to a life policy to be included. This can cause an issue depending on how it is written. Some cases, if the primary dies first and the death claim is paid, the policy ends and the spousal rider no longer exists leaving them uninsured. I recommend buying personal policies for a number of reasons such as divorce, terminal illness, chronic illness which can cause contract issues in the future when two people are on the same plan.Answered on November 4, 2014flag this answer
5877 POINTSview profileStan Cox IIInsurance Adviser - Broker, SC Insurance Services, Oahu, HawaiiThere are a couple life insurance policies that "cover" both spouses. One is called a "First to die" policy where both spouses are insured until one of them dies. Then the surviving spouse becomes the beneficiary and the policy is terminate. IN a "Last to die" policy again both spouses are insured and the policy does not pay a benefit until the last of the two spouses die. Then typically the beneficiary is the estate and the policy is designed to pay the estate tax. Or the beneficiaries could be the children or anyone else. But those are the types of policies that cover both spouses in one policy.Answered on September 7, 2015flag this answer
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