$2.17 for Children or Grandchildren
6 Reasons Newlyweds Should Consider Life Insurance
6 Reasons Newlyweds Should Consider Life Insurance
Congratulations! Now that the honeymoon is over, it is the perfect time to begin long-term financial planning for a new life, family and future together.
Combining assets, household bills and expenses are front-of-mind for most young couples. Buying life insurance should also be included in those preparations, and here’s why:
Combined Households + Future Family Growth = Increased Financial Liability
It’s simple math, really. Once a couple combines households—or decides to expand their family—more expenses occur. They may need to purchase a larger home or vehicle to accommodate their new lifestyle or growing family. And, that could mean dealing with larger financial responsibilities.
Should a spouse pass away, life insurance can become a source of income replacement. It can also assist with funeral expenses which could allow remaining family members to maintain their standard of living.
Personal & Combined Debt Obligations May Affect The Surviving Spouse
While having extra assets and enough financial liquidity to pass on to loved ones is ideal, the reality is that very few people do. Life insurance can help ease those burdens. As long as the life insurance policy lists the correct beneficiary, such as a spouse, benefits should pass directly to them and would not be included in the estate’s probate process.
Life Insurance Policies Become More Costly With Age
When it comes to purchasing life insurance, sooner is better. Insurance rates generally increase the older you get. Additionally, more medical conditions are prevalent as people age, which can result in larger premiums later in life.
In most marriages, one spouse’s income is significantly higher than the other. Therefore, in the event of the “breadwinner’s” passing, the other spouse would be completely unprotected. According to a 2018 study by LIMRA1:
More than one third (35%) of all households would feel adverse financial impacts within one month if a primary wage earner died.
Always Supplement Employer’s Life Insurance
Many employers offer their employees some sort of group life insurance benefit, which is great! However, long-term employment is never certain. The availability of an employer’s life insurance plan being there when needed is not guaranteed. Adding an individual life insurance policy will add peace of mind.
Prepare A Will
People invest in savings, life insurance and other assets to protect their families. Ensure that those plans are carried out after passing by creating a will. Having a will alleviates some of the confusion by delegating how such investments will be allocated.
12018 Insurance Barometer, LIMRA
You might also be interested in...
- 6 Foods That Feed Your Brain
- 6 Things To Give Up This Year
- 7 Common Relationship Deal-Breakers
- 7 Facts Women Should Know About Heart Disease
- When You Already Feel Like Giving Up On Your Resolutions
- Amazing Tips To Help You Get Through Allergy Season
- Anti-Aging Tips And Tricks
- Are Protein Shakes A Healthy Choice?
- Are We More Stressed Than the Rest of the World
- Are You Ruining Your Relationship
- Are You Socially Awkward?
- Attitude Of Gratitude
- Beating Work Burnout is Easier than You Think
- Benefits Of Yoga And Meditation
- Beware Of Relationship Killers
- Big Cities Surprisingly Great for Outdoorsy People
- How To Boost Your Self Confidence
- Can Saying You’re Sorry Save Your Life?
- Can White Wines Be Healthy Too
- Changing Careers In Your 40s
- Divorced, But Are You Ready To Start Dating Again?
- Do You Fight Like Other Couples?
- When you don't have a green thumb
- 8 PreWorkout Meals To Maximize Results
- Financial Benefits Of Co-Habitation vs Marriage
- Financial Tips To Follow During And After Divorce
- Five Ways To Lead A Regret-Free Life
- Why Your Friends Should Be Jealous If You’re 30-Something And Single
- Can A Full Moon Really Affect People?
- Getting a Life Insurance Quote Without Getting a Medical Exam
- Health Benefits Of Almond Milk
- The Health Benefits Of Avocado
- Health Benefits Of Cinnamon
- How To Choose A Multivitamin?
- How To Make The New Year The Best One Yet
- How To Prepare For Your Next Interview
- Is a Co-worker Making You Hate Your Job?
- Is The Ketogenic Diet Safe?
- Is Music The Antidote For Depression
- Is Your Diet Making You Feel More Stress?
- How To Keep Your Facebook Safe From Scammers
- Life Insurance Companies Offer Protection
- Living With Fibromyalgia
- How To Look Better Than Ever At 40
- More Big Cities Surprisingly Great for Outdoorsy People
- Natural Remedies For Acid Reflux
- No Medical Exam Life Insurance—Simple Application
- 10 Olympic Sports That Didn’t Make the Cut
- Outrageous Facts about U.S. Presidents
- Ovarian Cancer--The Silent Killer
- Overcoming Frustration
- How To Get Relief From Credit Card Debt
- Is There A Risk of Heart Disease Due To Drinking?
- Shocking Food Facts that May Change the Way You Eat
- Sick Of Running? 5 Cardio Routines You Should Try Instead
- Smart Tips for Getting Paid What You Really Deserve
- Strange Laws You Don't Even Know You're Breaking
- The Singles’ Guide To Life Insurance
- Things To Remember When Buying Life Insurance
- Top 5 Things You Need To Know About Life Insurance
- Top 6 Factors That Destroy Your Credit Score
- Top Ten Health Tips For Active Women Over 50
- Treating Menopause Symptoms With Alternative Medicine
- Want To Know How Your Interview Went? Think Of It Like A First Date…
- What Every Woman Should Know About Breast Cancer
- What Is Ruining Your Workout
- What Most 30–Somethings Wish They’d Known in Their 20s
- Whats Really To Blame For Your Bad Mood
- Why You Keep Overeating and How to Stop
- Why You Need To Talk About Life Insurance
- You Can't Afford to Believe These Women's Health Myths
- 5 Plants To Keep In Your Bedroom
- Five Simple Ways To Protect Your Retirement
- The Best Ways To Cover Gray Hair
- 5 Hidden Causes Of High Blood Pressure
- 10 Steps To Get Through The Holidays Stress-Free
- 5 Ways To Break A Bad Habit
- The 5 Benefits Of A Veterans Home Loan
- Top 5 Prevention Tips For Heart Disease And Stroke
- 5 Surprising Facts About Low-Carb Diets
- 7 Ways To Live A Happier Life
- 6 Tips To Be More Productive
- 7 Steps To Help Someone Who Is Grieving
- 4 Reasons Why Your Diet Resolutions May Be Counterproductive
- Deciding On Braces After 40
- Why A Massage May Be Helpful For Back Pain
- How To Have Self-Compassion
- How To Stay Productive When You Don’t Feel Like it
- Foods To Eat When You’re Feeling Stressed
- How Helping Others Can Make You Happier
- Why You Don’t Have To Fear Fat When Dieting
- 6 Things You Should Do To Live Without Regret
- How To Create Your Own Happiness
- How To Get Immediate Stress Relief
- Why It May Be Time To Make Some Changes
- Why You May Want To Sleep On Your Left Side
- 4 Health Symptoms You Should Never Ignore
- Dos And Don’ts Of Job Interviews
- How You Can Benefit From Showing A Little Love
- Can Debt Affect Your Health?
- What Women In Their 50s Know
- Hidden Reasons For Night Sweats
- 5 Simple Lung Cancer Prevention Tips
- Why You Should Get Out Of Your Comfort Zone Now
- 7 Tips To Keep Runners Safe
- How To Stop Emotional Eating Now
- Reach Your Potential In 4 Steps
- 5 Ultimate Weight Loss Hacks
- Can Social Media Help With Weight Loss
- How A Good Impression Can Change Everything
- Must-Know Travel Tips If You Want To Stay Safe
- Three New Ways To Make Big Changes
- The Hidden Benefits Of Ginger
- 5 Tricks To Slim Down Fast
- How To Finally Wake Up Better
- 5 Chemical-Free Ways To Keep Skin Young
- The Secret Benefits Of Salt
- Why Be An Organ Donor?
- How To Relieve Stomach Ulcers Fast
- Disaster Relief Do’s And Don’ts
- How To Say Goodbye To A Loved One
- 4 Tricks To Prevent A Cybercrime Attack
- The Dos And Don’ts Of Getting A Tattoo
- What To Do When Hearing Loss Strikes
- How Auto Ship Programs Keep Scamming People
- How To Decrease Stress And Increase Productivity
- Unique Relief For Chronic Neck Pain
- Ransomware–What It Is And How To Avoid Attack
- Five Reasons To Drink More Tea
- 5 Major Life Events That May Require Life Insurance
- 6 Reasons Newlyweds Should Consider Life Insurance
- How Long Does It Take to Get a Life Insurance Policy?
- How Long Does It Take to Get Life Insurance Money?
- What You Need To Know About Mortgage Assistance Programs
- How to Build a Better Resume: 7 Helpful Tips
- 4 Things Women Should Do During Breast Cancer Awareness Month
- 10 Ways to Get More Out of Life
- Who Owns Globe Life and Accident Insurance Company?
- Can I Buy Life Insurance Online?
- Cancelling My Life Insurance. What are My Options?
- Can Life Insurance be Purchased on Anyone by Anyone?
- Understanding Insurance Claims: Complex Causes of Accidental Death
- How Can I Sell My Life Insurance Policy?
- Checking Your Insurance Coverage Before Traveling Abroad: What to Know
- Can I Convert My Term Life Insurance into a Whole Life Insurance Policy?
- Should I Buy Enough Life Insurance to Pay Off My Mortgage?