Both Spouses Need Coverage
Regardless of whether both spouses work, both should have life insurance coverage. The working spouse's policy replaces income, while the non-working spouse's policy covers the cost of childcare, household services, and other contributions.
Even if you don't have children, losing a spouse's income can make it impossible to maintain your mortgage, lifestyle, and retirement savings without insurance proceeds.
Calculating Needs for Each Spouse
For the primary earner: Use the DIME method (Debt + Income replacement + Mortgage + Education) to determine coverage. A typical recommendation is 10-15x annual income.
For the secondary earner or stay-at-home spouse: Calculate the cost of replacing their contributions. Childcare, housekeeping, meal preparation, transportation, and household management can easily total $40,000-$60,000 per year.
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Get Your Free QuoteCost-Saving Strategies
Apply with the same carrier for potential multi-policy discounts. Stagger term lengths — a 30-year term on the younger spouse and a 20-year term on the older spouse can optimize coverage duration and cost.
Review coverage together annually, especially after major life events like home purchases, new children, job changes, or significant salary increases.