Benefits

• You get peace of mind knowing that you are taken care of if your spouse dies prematurely. You also won't have to worry about shared financial burdens if the life insurance policy is enough to cover all debts and expenses you share.
  
  

Significance

• You can replace your spouse's income if he dies prematurely. You may also be able to pay off debts and other expenses that you cannot afford on your own. Finally, you can fund your retirement with the death benefits of your spouse's life insurance policy if his death would prevent you from saving money for your own retirement.
  
  

Considerations

• Make sure that the insurance your spouse carries is sufficient to pay off his debts or your shared debts, or both. Also, make sure the insurance will be in force when he dies. This means that all premiums are paid in full and that the term of the insurance policy will last long enough to be in force when death is most likely.