Newlyweds? Talk about Life Insurance
It’s June, which means, it’s wedding season!
When you get married, you’re essentially combining everything you have. It’s a separate conversation altogether on whether or not to completely combine finances, but you will be sharing a home, raising children together, and supporting each other through sickness and health. As you consider how you will handle your finances, budget and bills, you’re likely going to have to consider purchasing various types of insurance – new renters, home, auto and life insurance policies may all be in order.
Do you need life insurance if you’re Not Having Children?
Now, if you both have solid careers and do not plan on having children, life insurance, may easy to do without. If one of you were to die unexpectedly, the living spouse could sell the home if it became too much on one income. The only benefit to buying life insurance in this situation is that it is generally cheaper when you are young and healthy.
For example, a 30-year-old woman who doesn’t smoke and is relatively healthy could get $500,000 worth of term life insurance with 20 years of coverage for only $18 per month. This means that if she died pre-maturely before the age of 50, her husband would receive a death benefit of $500,000 to be able to pay for her funeral and burial, pay off any debt she may have had, and continue to pay the mortgage on their home. If you ever change your mind and decide to have children, you will already have inexpensive life insurance in place to help provide for them should something completely unexpected happen to you or your partner.
Baby Makes Three
If you plan on having children, life insurance is vital. There are two situations in this case, one: you both have incomes and both contribute to costs of raising children, and two: one of you is the primary earner and the other is a stay-at-home parent. Both situations can benefit from having life insurance in place.
If there are two incomes combining to raise your children, imagine having one of those suddenly taken away. In most cases, the family would struggle financially. Along with dealing with the grief from the unexpected death of your loved one, you also would then need to figure out how to suddenly continue your children’s standard of living without their income to help you.
If you had life insurance, your spouse’s income would be replaced and your children could continue living in the home they’re familiar with, continue going to their same school, and financial stress would not be added to the emotional and physical stress of losing your spouse.
You and your spouse may decide to have one be the primary earner and the other work in the home. Stay-at-home parents do the jobs of multiple people combined. They are the teacher, housekeeper, chef, event planner, accountant, and chauffeur. Not only is it important to have life insurance on the breadwinner, but having insurance on the stay-at-home parent is important as well.
Imagine if your stay-at-home spouse passed away unexpectedly, the living spouse would be in over their head trying to make up for everything that was done at home. Having life insurance can afford them to take time off work to get everything situated, spend time with the children, and help pay for services the stay-at-home parent provided.
Life events like getting married and having children are a great time to stop and think about the important things in life and whether or not you are covered for the “what-if” situations. No one ever thinks the unexpected will happen to them, which is why it’s called the unexpected. You can’t stop fate, but you can be smart about protecting your loved ones by being prepared.
One of the best gifts a newlywed couple can give each other is the gift of life insurance. It’s the first step in preparing for the future. Purchasing life insurance says that even if you’re not here to share life’s joys with the ones you love, you still want them to be able to pursue their hopes and dreams. Term life insurance is very affordable and you can get quotes instantly at Quotacy.com without giving up any personal contact information. Consider purchasing life insurance today.
Natasha is the Marketing and Social Media Coordinator for Quotacy, an online life insurance agency for the modern consumer. You can connect with Natasha on LinkedIn.
Photo courtesy of: ©Depositphotos.com/andresr
Latest posts by John Schmoll (see all)
- How to Start Investing in the Stock Market: The Ultimate Guide - October 24, 2016
- Betterment vs Wealthfront: Which Robo-Advisor is Better? - October 19, 2016
- Could You Pass A Personal Finance Stress Test? - October 17, 2016