Marriage marks a monumental moment in anyone’s life. It is the start of a new chapter, the union of two lives into one. As you enter the world as a couple, rather than as individuals, you’ll quickly realize that this new adventure is a shared one. You now have shared responsibilities and are working toward a common future. As you embark on this new journey, full of enthusiasm and hope, remember that losses are shared as well. Being prepared for the good times along with the bad shows strength, foresight, wisdom and selflessness. When you are planning your new life together, be sure to take this into consideration.
Marriage is an ideal time to either update your existing life insurance policy or to purchase one if this is not yet in place. Life insurance is designed to ease the financial hardships that come with the loss of a spouse. It enables a surviving spouse and children to continue without the fiscal burden and drastic change in lifestyle.
Best Life Insurance for Newlyweds
Every couple’s situation is unique. However, the life of a newlywed can generally look like this: formal education is concluding, rent is turning into a mortgage, babies are being considered and budgets are tight. Luckily, when you are young and healthy is the best time to purchase a life insurance policy. You can lock in low rates and get the coverage you need. With this in mind, a cheap term life insurance plan is usually the best option for newlyweds.
Term life insurance policies allow you to choose a set amount of benefits, determine a set amount of time that they are in place and provides for immediate and long term needs. The financial goals in marriage are to work toward a stable home with savings and investments. These preparations take time to foster and become adequate to meet long term goals and retirement needs. The loss of of a partner is not only emotionally devastating but can have a financially catastrophic impact without the proper preparations – such as a life insurance policy.
When you add children to the mix, consequences from inadequate planning become even more dire. The loss of one or both parents can be overwhelming. However, the difficulties can be eased with good planning. If financial matters are in order, a child can better manage and have a brighter future.
With a term life insurance policy, you can update your plan as needed with changes in your situation. You can lock in low rates and protect the life you’ve been building together.
Determining the Right Amount of Coverage
When considering how much coverage each partner needs, think about the earning potential of each. If a partner decides to be a stay at home parent, keep in mind that although no paycheck is being earned, the work done is invaluable. However, Salary.com did put a price tag on it. They stated that a stay at home parent should earn about $115,000 annually for the around the clock work they do.
Also take into consideration any major expenses, such as mortgages and vehicles. Account for debts, like credit card balances, student loans and personal loans. Think about the expenses that come with raising children, such as child care and educational opportunities. Decide if you want to leave a legacy, such as setting aside funds for your children’s college education or being able to donate to a cause you are passionate about.
You’ll likely be surprised at how affordable rates are for the amount of coverage you need to protect your family. It’s best to lock in rates while you are young and healthy to get the most coverage at the best price.
Still have questions? If so, we’re here to help. The Term Life team is ready to provide answers to your biggest life insurance questions and help you find the coverage you need. Get your no-obligation, no personal information required, Free Quote today!