Summer is a busy season for many, with kids out of school, vacations on the horizon, and more. While you may think that buying life insurance is just another time-consuming activity during an already hectic season, it’s easy when you work with SelectQuote. We make it simple to compare coverage options from many of the nation’s most highly rated insurance carriers, and you may even be able to qualify for same-day coverage for less than $1/day—no medical exam required. Even though we help customers find the right life insurance for their needs at any time of year, here are just some of the reasons to consider buying life insurance during the summer.
Summer Is a Peak Wedding Season
Summer is a popular wedding season, with 25% of couples getting married between June and August. Whether it’s you getting married or someone you know, this time is a great opportunity to ensure that the loved ones in your life are taken care of if something were to happen to you. Life insurance can be a joint investment to safeguard both partners from unexpected costs, and securing coverage after tying the knot could help you head into the rest of your married life feeling at peace knowing your spouse is protected financially.
While navigating decisions like flower arrangements and catering, soon-to-be-married couples should also take time to consider what type of life insurance will work best for their needs. For example, term life insurance is a popular choice for many, as it’s affordable and flexible. With term life insurance, you only buy as much coverage as you need, making it easy to customize for specific financial needs and milestones, like getting married. And if you’re not yet married, but find yourself attending many weddings in this season of life, this is a great opportunity to look at those who matter most in your life—be it your family, a partner, or friends—and make sure they have the financial safety net they need.
When should married couples get life insurance?
Newlyweds have many decisions to make about life insurance, like finding the best life insurance for married couples or deciding on the right amount of coverage. While marriage itself can be the first step in obtaining life insurance, as your responsibilities and bills as a whole are no longer yours alone, here are some other instances in which a married couple should consider purchasing life insurance:
Debt payments: Life insurance can help cover expenses like mortgage payments, car payments, student loans, and other types of debt.
Income replacement: If one partner in the couple is the primary earner, it’s important to have life insurance to ensure their salary would be accounted for if they were to pass away.
Living expenses: If you were to pass away unexpectedly, you’d want to make sure your spouse could cover day-to-day expenses, like bills, household items, and groceries.
End-of-life expenses: Final expense insurance offers coverage for end-of-life expenses, like funeral costs and outstanding medical bills. This can help offer much-needed peace of mind and security to your spouse during a difficult time.
Summer Is Part of Homebuying Season
Whether you or someone you know has purchased a home or are in the process of buying a home, this can be a good opportunity to also consider your options for life insurance. Life insurance is important when you own a home because it can protect your beneficiaries and family in unforeseen circumstances. Whether it’s a mortgage payment or any other outstanding debt, it’s beneficial to ensure your loved ones don’t have to burden those payments if something were to happen to you.
There are many options when it comes to life insurance for homeowners. Term life insurance is a strong option for coverage, as it provides different term lengths for you to choose from based on your unique needs. That means you can use a term that aligns with the length of your mortgage or even extend it beyond to help cover any home-related expenses.
Another option homeowners might consider is mortgage life insurance. Mortgage protection life insurance pays off your outstanding mortgage if you pass away. Keep in mind that this type of coverage only covers the mortgage, while term life insurance covers all of your expenses up to your coverage limit, including utilities, college, final expenses, and more. Mortgage life insurance is directly correlated to the balance of your mortgage, so as your mortgage decreases, so does your coverage amount. Your premiums, however, will likely stay the same.
Other Reasons to Consider Buying Life Insurance in the Summer
Even if you aren’t tying the knot or buying a home this summer, there are many other reasons this time of year is a good opportunity to secure life insurance.
Sending a child to college in the fall: College tuition is a major expense, and if you’re helping cover the costs of your child’s continued education, life insurance can help ensure those payments continue on if something were to happen to you
Receiving a fiscal year promotion or raise: Whether you've secured a higher-paying job, earned a well-deserved promotion, or invested in a new business venture, changes to your income can directly impact life insurance requirements
Balancing your portfolio after tax season: As you continue to evolve and grow your portfolio, life insurance can play an important role in not only securing the future of loved ones but also balancing your financial picture. Life insurance in itself is an asset, but can also serve as a strong retirement and tax tool.
No matter your motivation for purchasing life insurance, comparing life insurance quotes is a great place to start.
Let SelectQuote Help You Find Life Insurance This Summer
If you’re ready to protect your loved ones with life insurance, SelectQuote can help. We have nearly 40 years of experience helping families find the right coverage for their needs, and we make the process easy by doing the shopping and comparison on your behalf. Our licensed insurance agents will take the time to learn about your financial situation and get to know the assets and people you’re looking to protect. Then, they’ll help you compare life insurance quotes from some of the most trusted, highly rated insurance carriers in the nation to find the right policy for your needs and budget. Once you find a life insurance policy that’s right for you, they’ll help you take the next steps toward applying for and securing coverage—some policies are less than $1/day and don’t require a medical exam.
