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Life and Health

What Does it Cost to Replace Your Spouse?

By October 10, 2016No Comments

1610-lh-4-1Your spouse is priceless to you as a life partner, friend and confidante. Have you ever calculated the actual worth of your spouse? Take time to figure out how much it would cost to replace your spouse as you purchase invaluable life insurance for the person you love the most.

Replace Salary

Most life insurance agents recommend that you purchase enough life insurance to replace eight years of annual salary. You can find the recommended figure by checking your annual W-2s from the last several years.

If your spouse does not work outside the home, you should still purchase life insurance. According to, the average stay-at-home parent works at least 94 hours per week for a total salary of approximately $113,600. A working parent’s at-home salary is close to $67,400. Compare these figures to what the average physician earns – $153,000 for a 56-hour work week – and you see that you must find a way to pay for all the services your spouse provided whether or not he or she worked outside of the home.

Provide for Children

Losing a parent is tough for a child. Life insurance isn’t a parental replacement, but it can provide financially for your children’s living expenses. Use the money to pay for child care, before and after school care, shuttle service and meal prep as well as expenses required to care for your child with special needs.

If your kids are older, you may use the money to fund their college education. You could also establish a trust as you provide for your children into the future.

Cover Housekeeping

Because your spouse performed a share of the housework, prepare to cover the jobs he or she did. Those duties could include cooking, cleaning, laundry, landscaping and home maintenance. Life insurance funds could pay someone to do these chores indefinitely.

Repay Debt

Life insurance can be used to repay debt you and your spouse have accumulated. By repaying debts such as your mortgage, vehicles, student loans and credit cards, you gain a bit of wiggle room in your budget and can take time to grieve instead of worrying about working overtime.

Pay Final Expenses

The average funeral can cost as much as $10,000. Pay this expense with your spouse’s life insurance policy. It can cover probate costs, medical bills or other end of life expenses, too. With adequate life insurance, your family budget will not suffer as you pay for your spouse’s final expenses.

As you can see, life insurance for your spouse is a valuable investment. It provides financial resources for you and your family when you need it most. Talk to your insurance agent to ensure you purchase adequate coverage today.