Life Insurance Is the Real Commitment When It Comes to Marriage
Marriage is an exciting moment in people’s lives that initiates important changes. However, you must also bear in mind that you are entering into a new family, which simultaneously implies new responsibilities.
A married couple’s lives become interwoven in terms of finances, businesses, income, and debts. Previous individual duties now become joint.
Few life-changing events are as significant as the big step, and life insurance is an important milestone to keep in mind. If you don't have a policy, it’s time to think about buying one. If you already have a policy, it may be time to make adjustments and revisions.
Life insurance is a stable, simple, and effective tool to provide your new family financial support in complicated situations. Its fundamental purpose is to compensate for the death of a person, and that compensation (death benefit)is also an income replacement. For beneficiaries, it may be the only way to financially stabilize yourself if the deceased policyholder contributed all or most of the income to a relationship. Life insurance is vital to the financial security to a couple.
Living together will involve more expenses, which is why there are plenty of reasons to think about buying life insurance.
A bigger house
A new car
The cost of having children
Joint businesses
Leaving inheritance
Having debts
Life insurance policies provide many options to protect you as both a couple and a family. It’s imperative that your coverage guarantees compensation in the event of the unexpected.
Spouses generally name each other as the beneficiary of the policy. By doing so, the survivor will generally receive the benefits tax-free. The sooner you purchase life insurance the better, as you will save money. Rates for younger couples are more attractive because they present fewer risks and have a longer life expectancy.
You're probably asking yourself, what type of life insurance should I consider? The answer depends on your current and future situation.
Here are the basics.
Term Life Insurance provides protection for a set period and pays a lump sum if you pass during that time. These policy premiums are generally less expensive, increase in age bands every five years, and last 10 to 30 years. You can also purchase add-ons to customize your coverage. Term life insurance typically offers the most amount of coverage for the lowest initial premium.
Whole Life / Permanent Life Insurance provides lifelong coverage. It is more expensive than Term Life but can last your whole life while building cash value. Whole Life offers a fixed death benefit with the cash value component growing at a guaranteed rate of return. Many Whole Life Insurance policies pay out dividends that can be used to reduce premium payments or add to your cash value.
How long of a term do I need?
This is based on your age and how long you need coverage. Policy lengths range from ten to thirty years.
How can beneficiaries collect on Life Insurance?
Once the policyholder has passed away, the spouse or family member will need to file a claim for the policy. Make sure that your loved ones are aware of the fact that you have a life insurance policy, and know how to contact the company and file the claim. You can make this process even easier by setting up an estate plan beforehand.
Getting married is a new chapter, but know you can help provide peace of mind with a life insurance policy.
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