Life Insurance for Couples

When a couple first gets married, the last thing either wants to think about is the inevitable—death.

However, it is a realistic part of the cycle of life.

While it’s not something to dwell on, it is a smart idea to keep in mind that one-half of the married couple will die in the future, be it of old age or other unfortunate reasons.

In the case that one-half of the couple should die prematurely, a financial catastrophe can occur, especially if the couple has children. The surviving spouse may have trouble supporting the family alone and providing for the children.

And of course, there will be other expenses like house payments, car payments, and other possible debts. For newly married couples, it is a good idea to consider life insurance for married couples.

Having insurance is best to ensure the financial security of the family should a disaster occur.

Life Insurance for Couples 

If a couple decides to get life insurance for married couples, both can name each as the beneficiary so that if one dies, then the other will have financial support from the life insurance payout.

In addition, in the unfortunate case that both die and they have children, then the children can be named as the beneficiaries, giving financial security to the children. Having life insurance is the best option if one spouse is a stay-at-home parent.

If the working spouse dies, then the remaining spouse will probably have trouble finding a job or a means to support the family and themselves. Given the possibilities, even if they are slim, that tragedy can strike a family, it’s always best to be prepared.

While younger couples may not think they need life insurance, getting life insurance for married couples earlier on will mean that the premiums will be much lower, especially if both are in prime health. Younger people are also more likely to be approved for life insurance.

Buy Life Insurance While it’s Cheap

Also, in the early stages of a marriage, the couple will be just beginning to collect expenses, like buying a car or buying a home. It’s better to be prepared in the case that one spouse passes away and the other cannot cover those expenses.

Life insurance is not only needed to cover living expenses, but funeral expenses as well. Funerals aren’t cheap at all, and the remaining spouse and family may have trouble affording an appropriate funeral given the price.

The insurance can help with the cost of a funeral and other post-death expenses.

Also, the remaining spouse may suffer mentally from death, so they may not be capable of working or earning an income. Life insurance benefits will aid that spouse in that situation.

While no one wants to think of something as grim and solemn as death, it is better to consider the worst for the benefit of the remaining spouse and family.

Instead of thinking about getting life insurance in a negative light, think of it as securing a financial future for your family should the event come that you pass away early.

Life Insurance Options for Married Couples

When you start looking for life insurance, there are several different policies and life insurance company options that you can choose from, each of them has its own advantages and disadvantages.

It’s important to sit down with your spouse and discuss which one will be best for your family.

The first two options are the standard life insurance policies, term, and permanent life insurance. A term life insurance policy that is only effective for a pre-determined time, like 10, 20, or 30 years.

Once that time is up, the policy is no longer effective, these policies basically have an expiration date. Once the set term is over, you’ll have to go through the application process again and purchase another policy.

On the flip side is permanent life insurance, which is exactly what it sounds like. As long as you continue to pay the monthly premiums, these policies are in force. These plans also build cash value, which is useful if you ever need to take out a loan using the cash value.

Aside from traditional life insurance plans, there are also joint life insurance plans. These policies are similar except that they cover two different people under them instead of just one.

With joint policies, there are two main types to consider, first-to-die insurance and second-to-die insurance.

First-to-die policies are paid out when the first person in the couple passes away. The payout from the policy automatically goes to the spouse and the policy is no longer effective.

Second-to-die policies are the opposite. These policies are paid out when both people pass away. The money is normally given to the children or another beneficiary to help pay for all of the final expenses like mortgages, funeral costs, and taxes.

How Much Life Insurance Do Married Couples Need?

Now that you know which type of policy you’ll get, you both will have to decide how large of a policy you’re going to buy. You can get a policy as small as $25,000 all the way up to millions of dollars.

Obviously, the larger the policy, the more expensive the monthly premiums are going to be. It’s important to find the perfect balance between adequate life insurance coverage and affordable monthly premiums.

The biggest thing to consider when calculating your insurance needs is your debt. If you or your spouse (or both) were to pass away, would your loved ones be left with lies and piles of unexpected debt? Who would pay for the car and the mortgage?

It’s important to plan ahead for the terrible things that could happen. After you add up all of your debt, you have a great starting point for deciding how much life insurance you’ll need.

The other factor you should consider is the number of people that would suffer from losing you and your salary. Do the two of you have children that would struggle to get by?

Does one spouse not work and rely solely on the other’s income? Each situation is going to be different, there is no “one size fits all” life insurance plan.

Cheap Life Insurance for Couples

When you apply for life insurance, the company is going to look at many different things when calculating your monthly premiums. One of the biggest factors is your age.

The younger you are, the cheaper your rates are going to be. If you’re looking to save some money, don’t wait to apply for life insurance.

The company is also going to look at your health. Do you have any high-risk or chronic conditions? Do you exercise regularly? Are you at a healthy weight? All of these are going to impact what type of rating you receive from the company.

One of the best things you can do to save money on life insurance is to lose weight and exercise regularly. The healthier you are, the less risk you pose to the insurance company.

After the initial paperwork, the company will send a paramedic to your house to do a medical exam. This medical exam will consist of family history, some health questions, and basic vitals like blood pressure.

They will also take a blood sample and urine sample. After this, they will look at all of the factors and give you a rating that will determine how much you pay and if you’re approved.

Tips for Life Insurance for Couples

Assess Your Needs Together: Evaluate your financial situation, debts, and dependents jointly to determine the necessary coverage amount.

Choose Between Individual and Joint Policies: Decide whether individual or joint life insurance policies suit your needs and budget better.

Regularly Review Coverage: Periodically assess your insurance needs, especially during life changes like marriage or having children.

Consult with an Independent Agent: Seek guidance from an independent insurance agent to explore various options from different insurers.

Compare Multiple Quotes: Obtain quotes from different insurance providers to find the most cost-effective coverage.

Final Thoughts on Life Insurance for Couples

When couples embark on the journey of marriage, thoughts of mortality aren’t at the forefront. However, acknowledging life’s inevitable cycle is wise. Financial turmoil can strike if one spouse passes prematurely, particularly when children are involved.

Life insurance for married couples offers a safety net. Both partners can name each other as beneficiaries, ensuring financial support. It’s vital for stay-at-home parents as it safeguards their financial future if the working spouse passes.

Securing life insurance while young and healthy ensures lower premiums and better chances of approval. Joint policies are an option, and assessing coverage needs together is crucial.

Consult an independent agent for guidance and compare quotes to find the most cost-effective solution. Regularly review coverage as life evolves.