In most families, the husband is the sole or primary bread winner, and that alone is reason enough to get life insurance for your husband. If something were to happen to him, your family would likely have a difficult time making ends meet, paying expenses, and paying off any debts left behind. Life insurance is designed to take these worries away from your family, but you must know how to get the right coverage for your needs.
Step One: Determine the amount of money made in one year by your husband.
Step Two: Make a list of expenses for the previous year, and remove any items that you could do without if necessary. When you have a rough estimate of the necessary expenses for the year, you have the minimum amount of life insurance you need for your husband.
Step Three: Determine the amount of time it would take for your family to be in a position to earn enough money to meet the expenses determined in Step Two. If it is one year or less, you may wish to buy life insurance for your husband based on the amount in Step Two or the income amount in Step One. If it will take longer than one year, round up the time to the next year and multiple the total expense or income by this number. This is the minimum amount of life insurance you should buy for your husband.
Step Four: Add up all of the debt that your family currently has. If possible, determine the percentage that the debt has increased annually so that you can more closely estimate the amount of debt that would need to be paid off upon his death. This should be added into the total amount of coverage.
Step Four: Determine the approximate amount of money that would need to be spent on legal fees and funeral costs. Add this amount to the previous total to determine the best amount of coverage for your husband and your family.
Step Five: Contact an insurance agent to discuss premium options and determine how much life insurance you can afford for your husband.
By following these steps you have several totals to choose from, depending on your ability to pay the premiums associated with the different insurance levels.