Life Insurance for Newlyweds
You have recently gotten married – congrats! and as you begin your new life together, it’s essential to consider your financial future and protect your loved one. Life insurance is a very important aspect of financial planning, especially for newlyweds.
Why Do NEWLYWEDS NEED LIFE INSURANCE?
Life insurance provides financial security for your spouse and dependents in the event of your passing. As a newlywed, you may not think you need life insurance but it's important to consider the following:
Debt Repayment:
Helps pay off outstanding debts, such as a mortgage, car loan, or credit cards
Income Replacement:
Provides financial support for your significant other.
FUNERAL EXPENSES
Life insurance can cover funeral expenses, which can be a significant burden on your spouse and loved ones.
Future Goals:
Life insurance can help ensure that your spouse can achieve future goals, like buying a home, starting a family, or retirement.
Types of Life insurance policies
There are two primary types of life insurance policies:
Term Life Insurance
Provides coverage for a specified period of time for example, 10, 20, or 30 years. If you pass away during the term, policy will pay a death benefit to your beneficiary and Term Life insruance is generally more affordable than Whole Life insurance.
Whole Life Insurance
Provides coverage as long as premiums are paid. Whole Life insurance policies often accumulate a cash value over time, which you can borrow against of use to pay premiums.
Tips for newlyweds buying life insurance
1. Buy Early!
The sooner you purchase life insurance, the lower your premiums will be.
2. Consider joint coverage.
Joint life insurance policies can provide coverage for both spouses under a single policy.
3. Review and update your policy.
As your financial situation changes, revie and update your life insurance policy to ensure it still fits your needs. CHECK OUT OUR TIP SHEET HERE FOR MORE INFORMATION.
Life insurance for newly weds
Life insurance is an essential component of financial planning for newlyweds. By understanding the importance of life insurance and the different types of policies, you can help ensure that your spouse if protected and financially secure. Review your policy today to ensure it continues to meet your needs!
