Getting Married and Your Life Insurance Considerations

So you’re getting married? Congratulations! This is a time of celebration for you and your significant other. But once the wedding dance is over, toasts have been made and the honeymoon in Costa Rica is on film, it will be time to talk about your future and financial needs. Make sure life insurance is included in that discussion.

As a newlywed, odds are pretty good that you are a bit younger, which means you may not need high levels of coverage. However, getting insurance coverage at a younger age is always a sound financial choice as premiums are lower and this is a building block in creating your financial plan. Now that you are married, you and your spouse will no doubt begin to acquire things together: a house, furniture, cars, debt, in addition to thinking about starting a family. Life insurance is an excellent way to make sure all your bases are covered and that you can afford your payments in case of loss. Mortgages and car payments may be easy to cover with two incomes coming in, but how will you be able to cover them should one of those incomes disappear?

There are several personal items you’ll need to consider when deciding how much coverage you need. Your income, debt, health are all things you need to consider for not only yourself but your spouse. No matter what your answers are, you should have enough term life insurance to ensure that your significant other is comfortable should the worst happen. Life insurance isn’t just for the husband either. Whether you are in a household with dual income or not, it is important to protect both individuals.

For some couples, life insurance may be offered through their employer. However, this coverage may not be enough and should be closely reviewed. Employer based coverage is more expensive because it is based on a group rate versus being tailored to your needs. In addition, employer based coverage does not offer a choice of carriers and is not portable. Should you or your spouse change jobs, your coverage may stop. For this reason, it is important to talk to a qualified insurance agent about the needs you and your spouse have when determining your life insurance requirements.

Once you know how much coverage you need, or even if you are unsure of how much coverage you need, speaking with a qualified insurance agent and discussing your options with different companies can help you get the most coverage for the least amount of money for you and your spouse.

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