Getting Married?

First of all, congratulations to the two of you! Marriage is a long-term partnership which you start to combine finances and increase responsibilities. Each person contributes in his or her own way. The loss of an income or other household contribution can be overwhelming and stressful.  

There are lots of reasons you may need life insurance when you get married. The best reason for life insurance is that you have or will have someone financially dependent on you, such as a spouse, child, or elder parent.

The sooner you start considering life insurance the better because:

1) Getting married adds to your expenses

• Larger home
• Additional cars
• Wedding debts

When you get married, expenses go up and one spouse’s income may not be enough to cover the combined costs. Life insurance can help with this issue.

2) Insurance rates only increase as you age

Life insurance rates continue to go up, as you get older. The longer you wait, the more expensive life insurance gets, so planning for the future can reduce costs in the long-term.

3) Your health may change, which increases your premiums

It is inevitable; as we get older our health deteriorates. The longer a person waits to get life insurance the higher the chance insurance rates will go up due to health issues. If you are currently in good health, you may want to get life insurance to lock in the best rates available.

3) Planning for future obligations

Think about any person that may be financially dependent on you, now or in the future. This can be future children, elderly parents or relatives. You would not want to put the financial burden of care on your grieving spouse.

4) Outstanding loans

When you pass away, your estate will pay off any debt you hold at death. Ultimately this leaves your family with less. If you only have debt, depending on local state laws and the type of debt, your spouse may be responsible for your debts. This could be a home mortgage, credit card debit of other type of loan.

Policy Review

There are many instances where life insurance can help when you get married. However, every person or couple is unique and not everyone needs life insurance. We can help you figure out your needs based on your specific situation.

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