You already have something old, something new, something borrowed, and something blue. But do you have something to protect your future spouse financially if you die?
A wedding is a time to look forward to a shared future with someone you love and rely upon. It is the perfect opportunity to plan for the future and make sure that your loved one is always taken care of. It is time to shop for life insurance.
It is important to remember that life insurance is about the living. It’s about knowing the person you love the most in the world will be safe and provided for even if you pass away. It is a gift you give to your spouse and to yourself.
Why Newlyweds Need Life Insurance
A wedding symbolizes the joining of two lives. From this point forward you and your spouse are bound together. You will share your life, experiences, responsibilities, and finances. You will come to rely on the income of your spouse, and your spouse will rely on your income. Together you will take on shared debt and financial responsibilities. These can include mortgages, auto loans, utility bills, credit card debt, and the costs of raising children.
If you die, will your spouse be able to handle all of this without your additional income?
The answer for many people is no. That is why life insurance should be essential for all married couples. The death benefit from a life insurance policy will help provide for your family until they can adjust to life without you.
It is also helpful to get life insurance while you and your significant other are still young. While you are younger and healthier you may find it easier to be approved and premiums will often be lower. As you get older, you will discover that life insurance becomes more expensive and often more difficult to attain.
What Kind Of Life Insurance Should Newlyweds Purchase
There is no right or wrong answer to this question.
Whole life insurance will be there for your entire life. It also features investment capabilities so that the policy gains cash value as it ages. However, it is relatively expensive. Many people also do not feel the need for life insurance as they age and become more financially stable.
Term life insurance on the other hand, will last through the agreed upon term. It is much less expensive than whole life insurance. Many prefer term life insurance because it will cover the time of greatest financial need. This could be the time it takes to pay off a mortgage or send a child through college. Also, it is common for people to use the savings from the lower term life premiums to invest independently.
No matter what kind of insurance you choose it is important to consider life insurance before walking down the aisle.
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