Should Newlywed Couples Get Life Insurance?
September 23, 2021
September 23, 2021: Should you get life insurance once you get married? If you’re a newlywed yourself, you and your new spouse may have been mulling over this very question. Getting Life Insurance can feel like a big step, and if you’re in your 20s or 30s, you may be wondering if it’s too soon to take the plunge. However, having life insurance for newlyweds can be essential in the event of the unexpected early death of one or both spouses. To decide whether you and your spouse should secure life insurance, work through this list of key considerations together.
Consider Whether You Have Loved Ones Who Need Protection and Support
Even if you and your spouse don’t yet have child expenses to cover, you may still want to prepare for dependent costs. If you do have dependents, consider the sort of support and protections they may need should you and your spouse pass away. In many cases, life insurance payouts can help dependents cover:
- Rent or mortgage costs
- Groceries
- Insurance expenses
- Transportation costs
- Tuition and school expenses
Review Your Financial Situation To Determine Your Level of Vulnerability
Part of handling your newlywed finances is figuring out how financially vulnerable you may be if one of you dies and leaves the other without the additional income. Ask yourselves:
- Do you have a significant combined estate that may require a significant amount of estate planning to ensure that assets go to designated heirs and beneficiaries while still allowing enough liquidity to cover any applicable estate or inheritance taxes?
- Does one spouse earn significantly more than the other, making that spouse’s income crucial to making ends meet every day?
- Do you have enough savings as a couple to weather the financial storm without insurance in the event one of you passes away?
Weigh the Costs and Benefits of the Types of Life Insurance Policies
If you’ve decided that you and your spouse could likely benefit from having life insurance, the next step is to choose your policy type. Which policy you pick may depend on the types of benefits you’re looking for.
- One-person life insurance policies, which can be obtained through employer benefit plans or purchased separately, just remember that those policies most often can’t be taken with you when you leave your employer.
- Private life insurance you can keep as long as premiums are paid
- Choose a Whole Life Insurance Plan which can be in effect you whole life or
- A Term Life Insurance Plan which is in effect for just the term (time period) you purchase
Remember you will never be as young and healthy as you are today, therefore, your premium will be lower than later in life.
If you and your new spouse still aren’t sure whether you should look into getting term or whole Life Insurance, this list of considerations could help you make your choice. Now that you understand the main factors involved, you can make the right life insurance choice for you at this point in your marriage.
About 1891 Financial Life
At 1891 Financial Life, we pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.
Our portfolio is extensive, ranging from various life insurance policies to our new MYGA to support your financial needs no matter what stage of life you’re in. For more information, contact us at (855) 804-7424.