When you think about insuring your stay-at-home spouse, your first thought may be that it would be a waste of money because if tragedy struck, he/she wasn't earning a paycheque anyway. However, if they died, you would be scrambling to cover funeral costs and other expenses during the time of grieving.

Your stay-at-home spouse is accomplishing several different unpaid jobs on a daily basis. He/she is taking on several key roles such as chef, housekeeper, teacher, and daycare. In 2011, a survey from salary.com determined the average stay-at-home spouse should earn upwards of $115,000 annually based on the amount of hours and work he/she is performing.

When considering what type of life insurance to go with, this decision may vary based on specific needs.

A 20 year term would make sure the spouse is insured during those critical years when the kids are still young. However, a permanent policy would make premiums more predictable.

Life insurance will shield you from the enormous financial impact of the death of a spouse.

Even if your spouse develops a serious illness that prevents him/her from looking after the household, you can prevent this financial burden by purchasing Critical Illness insurance (CI).

Not getting your spouse insured can be risky. With the right combination of life insurance and CI, you will be financially prepared for the worst. Its important to make sure that you and your family are financially secured during a time of personal tragedy.