• Spouse life insurance should cover the financial needs if one member of a marriage dies.couple image by Dariusz Kopestynski from Fotolia.com
  
  Spouse life insurance is a description of the usage of a life insurance policy, not a type of policy itself. Because the underlying insurance is a normal life insurance policy, you must meet all the standard requirements in order to purchase a spouse life insurance policy. These policies are typically used to provide financial stability in the event of your spouse's death.
  
  

Insurable Interest

• You must have an insurable interest in your spouse, meaning that she must satisfy a financial need for you and be worth more to you alive than the value of the life insurance policy. Most spouses have an insurable interest in each other. Ex-spouses must prove an insurable interest still exists due to alimony payments or other financial obligations.
  
  

Insurability of Spouse

• Your spouse must be healthy enough to qualify for life insurance. Chronic, degenerative or fatal diseases may cause a life insurance policy to be surcharged or declined. Simply being married does not cause your spouse to be insurable.
  
  

Beneficiaries

• Typically, you and your spouse will be beneficiaries on each others' policies. Name a secondary beneficiary for each policy as well, in case you both die at the same time. Never name a minor child as beneficiary. Instead, name a guardian or trustee to hold the proceeds until your child reaches the age of majority.
  
  

Death Benefit

• You should buy enough insurance on your spouse to replace his current and future income as well as eliminate financial obligations for which he is responsible. Include estimated funeral and legal costs when determining an adequate death benefit.
  
  

Medical Exam

• Depending on the amount of insurance, your spouse may be required to take a medical exam during the application process. She must be prepared to answer medical questionnaires, provide urine and blood samples and undergo EKG and other tests as needed by the insurance company.
  
  

Type of Policy

• Know the type of life insurance policy you need. Term, whole life and universal whole life policies each serve different purposes. Discuss your needs with your insurance agent or broker to determine which policy type to buy.