Why You Should Purchase Life Insurance When Getting Married

When someone gets married, the last thing on their minds is, of course, to think about death. However, it’s reality and the inevitable cycle of life. All the happiness and joy you experience in life with your significant other is to be treasured but the necessary arrangements should be made in case the unpredictable happens. Be prepared to survive anything that comes your way, and you can, no matter how difficult it might seem. Life insurance is an important component of the whole process.

Life Insurance For Couples

When couples purchase life insurance, they can name each as a beneficiary. If one of the policyholders dies, the other can benefit from the life insurance payout. In the unfortunate case both die, and children are left, the children can be named as beneficiaries. Life insurance can never replace an individual – nothing can replace a loved one. It’s just a way to at least give financial security to your family during such a distressing time.

There are cases that involve a working spouse dying and the remaining spouse having a difficult time trying to find a job or adapt to the new circumstances. Tragedy is something nobody likes to think about, but it can strike a family anytime, so it’s always good to be prepared.  

Younger couples generally think they don’t need life insurance, which is a mistake. This is the best time to start purchasing life insurance. Premiums are ridiculously low for younger people, and you are more likely to be approved for life insurance.

Purchase Life Insurance Early On

During the early stages of marriage, couples tend to collect expenses such as buying a home, vehicle, and so on. But if a spouse passes away, chances are the other may not be able to cover those expenses. Life insurance will not only cover living expenses but also funeral expenses. Funerals can be costly these days, especially if you want to give your loved one an appropriate funeral. Life insurance can help with the costs and any other post-death expenses you may have incurred.

There are instances where the remaining spouse may suffer mentally and will not be able to work or earn an income. Life insurance can also support your spouse in that situation.

Options For Married Couples

When a couple starts looking for life insurance, they will see different policies and insurance company options, each with their own advantages and disadvantages. Sit down with your spouse and discuss your options, then choose what’s best for you as a family.

You may choose a standard life insurance policy, term, or permanent life insurance. Term life is in effect for a certain period of time such as 10, 20, or even 30 years. Once the time is up, the policy is no longer effective, so you have to apply again to purchase another policy. There is also permanent life insurance – it’s just what it implies, “permanent.” As long as you continue to pay your premiums, the policy is in force.  It can also build a cash value – quite useful if you ever need to take out a loan using the cash value.

Besides the traditional life insurance plans, you also got joint life insurance plans. The policies are similar except they cover two different individuals rather than only one. Joint policies have two main categories to consider, the first-to-die or second-to-die insurance. First-to-die policies payout one person while second-to-die payout when both spouses pass away – the funds are given to the children or any other beneficiaries to help cover expenses such as funeral costs, mortgage, and taxes.

Life insurance is something you don’t purchase in a negative light but it’s rather a way to secure your family’s financial stability should you pass away. Are you looking for a life insurance policy? Request a quote here.


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