Yes, in most cases, you can buy a life insurance policy for your husband. The insurance company will require that you have insurable interest - in simple terms, this just means that you will be financially affected if your husband passes away.
Your husband will need to sign the application, so, you'll need his permission. You can't move forward with the policy underwriting without his signature.
If you and your spouse are both employed, having a dual income is very beneficial for managing financial obligations such as mortgage payments, raising children, higher education costs, and paying down debt.
But, if your husband is the sole breadwinner, it's time to think about getting life insurance coverage on him. Just imagine how his passing and the loss of his income would completely change your life.
Possibly, you could no longer send your children to college, you may not be able to pay the mortgage, you may be forced back to work, etc.
The reasons are plenty why the loss of his salary would affect you adversely. Don't waith any longer, start your life insurance search today.
This is not easy to answer without knowing your particular situation - do you also have a job?, what are your debts?, do you have a mortgage?, do you have savings?, do you have assets like stocks and bonds?, etc.
Most financial planners say a good rule of thumb is to get 10 times your present salary in life insurance coverage. So, if your husband makes $60,000 per year, you should get a $500,000 to $600,000 policy.
It mostly depends on your husband's age and health condition. But, there are a few other factors that life insurance companies take into account to come up with life insurance premiums:
|50 year old male||$27.29||$46.46||$54.23||$89.45||$170.78|
|51 year old man||$28.90||$49.82||$58.37||$97.27||$186.10|
|52 year old male||$31.48||$54.33||$64.45||$106.55||$204.46|
|53 year old man||$32.20||$59.65||$67.34||$116.56||$226.34|
|54 year old male||$35.75||$61.64||$71.70||$118.28||$231.85|
|55 year old man||$37.25||$67.42||$78.55||$131.24||$256.82|
|56 year old male||$41.84||$72.49||$86.73||$142.73||$283.25|
|57 year old man||$45.95||$81.37||$94.25||$156.59||$309.85|
|58 year old male||$51.75||$97.83||$120.35||$196.85||$387.20|
|59 year old man||$57.55||$108.75||$137.42||$223.22||$434.35|