Congratulations! This is a momentous occasion. Getting married means you will be building your life this day forward with another person. This joining of lives includes moving in together under one roof and more often than not, combining your finances. You should start considering your financial future right now, and that means purchasing life insurance for both you and your spouse.

Why is life insurance important when you get married?

If you love someone, you need life insurance. It’s hard to imagine the worst when you’re just starting your new life with the one you love, but tragedy can strike at any moment and tomorrow is never a guarantee. You will want to make sure that your spouse is protected should something happen to you.
Think about it. When a couple combines their incomes, they tend to take on bigger financial obligations, like buying a house or having children. If you plan ahead, life insurance can ensure that the remaining spouse can continue to pay the mortgage without risk of foreclosure, and also take care of the kids.

Also, consider this: Life insurance is cheaper when you are young and healthy. Purchase a life insurance policy now and you can expect to pay much less than if you had waited. You could also develop a medical condition that makes you uninsurable later in life.

What type of life insurance should I get?
This is a great way to protect your family for a specific amount of time. This type of insurance pays a guaranteed benefit in the event of the insured’s death during a specified term. Typical term lengths could be 10, 20, or 30 years. It comes with an end date, but it is also the more affordable option and the easiest to understand. You might purchase term life insurance to help supplement your income until retirement, until your kids are grown, or to make sure the mortgage gets paid in full.
 
Learn about Term Life Insurance
This lasts you for the rest of your life, unlike term insurance. While it can be more expensive, it has several attractive advantages. This type of insurance comes with fixed premiums, meaning your monthly payment is locked in and will not increase as you age. Your policy will also build cash value over time that you can borrow against tax-free to help you fund your retirement, for instance, or your child’s college fund. Consumers appreciate the benefit of forced savings, as well. And as long as you’re paying the premium, you’re covered if you die tomorrow or you live to be a hundred and twenty.
 
Learn about Permanent Life Insurance
This is often considered to be the best of both worlds. This type of life insurance gives you the opportunity to have life insurance coverage and also save money for the future. It builds cash value over time much like permanent life insurance does, and you can take out a policy loan if needed. The premiums are flexible, meaning you can change the existing policy to make it more affordable while keeping it in force and continuing to build cash value. And as long as you’re paying the premium, you’re covered for the remainder of your life.
 
Learn about Universal Life Insurance

 

I’m ready to start protecting my family’s financial future.

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