To young couples in the midst of wedding planning, looking into life insurance policies may seem a bit less romantic by comparison. However, what better way to demonstrate your love than by making a commitment to protect each others’ futures should the worst happen? It seems an obvious investment to make for couples who are promising to spend the rest of their lives together, but according to the National Association of Insurance Commissioners (NAIC), of the 71% of newlywed couples who recognized they need life insurance, almost half of them put the conversation off until after they exchanged vows. Newlyweds looking to start their lives together often have many questions about policies, products, and if they even need life insurance. Luckily, SilverSide Insurance Marketing is here with the answers!
Is Life Insurance for Newlyweds Really So Important?
Short answer: yes. Life insurance is a necessity for most people, and especially newlyweds, who may be looking into buying their first home, taking out their first mortgage, or starting a family together. Planning for the future can be an exciting time, but couples also have to be prepared should the worst happen. It may not be a fun conversation, but it?s a necessary one — outside of the emotional repercussions, there are financial ones to deal with as well. The loss of one spouse could result in foreclosure or the surviving spouse?s inability to pay bills due to the loss of one income. Starting a life together is all about achieving stability as a couple, be it emotional or financial, and not being prepared for the untimely passing of a partner would be a devastating blow to that stability.
What is the Best Type of Life Insurance for Newlyweds?
For young couples just starting out, there is an obvious answer: term life insurance. Term life provides a set benefit for a set amount of time (such as 20 or 30 years), allowing couples to make investments and build stability together until they are ready to take out a more long-term policy, such as whole or universal life insurance. Term life will also provide couples with affordable rates as they start to build their life together, and buying coverage while young and healthy gives couples the opportunity to qualify for and keep favorable rates.
What About Life Insurance for Older Newlyweds?
Life insurance for newlyweds with children from a previous marriage, or for couples where only one spouse is working, insurance can be a little more tricky. These type of couples will want to consider buying insurance for both spouses, since they have more dependents to consider than a young couple where both partners are working. Couples who already have children will also want to consider a more long-term policy, as the loss of a parent?s finances could result in loss of higher education, in addition to the emotional toll that losing a parent would already take.
?Til Death Do Us Part
SilverSide understands that planning for the future can be a daunting task, especially when planning for the worst. But planning for the future is a necessity nonetheless, and life insurance for newlyweds especially so. No one knows what the future may hold, but many of the products that SilverSide offers allows policyholders to change beneficiaries should their situation change. SilverSide is proud to offer a vast array of products from our trusted insurance carrier partners, so be sure to call today to get to know our dedicated network of life insurance agents, and how they can help you plan for your future!