Can I buy term life Insurance for my spouse online? Yes, if you are married you have an Insurable Interest in your spouse, which means you may purchase life insurance on your spouse. Term life is temporary coverage offering you life insurance protection for a "term" of 10, 15, 20, 25 or 30 years. The longer the policy term, the higher the annual cost of life insurance. Several life insurance carriers now offer the option to apply online and start the life insurance coverage in just days, if your spouse qualifies for coverage.