Reviewing your insurance policies is highly recommended whenever a significant life event happens, such as marriage. This is the perfect time to find a life insurance policy that more aligns with this new journey and ensures both you and your spouse are protected.
Benefits of Life Insurance for Married Couples
Financial Protection
Life insurance is financial protection for you and your spouse. If you were to pass away, the life insurance payout can help your spouse cover essential expenses such as mortgage payments, daily living expenses, and outstanding debts. This allows your spouse to keep their standard of living and avoid financial hardships while going through a difficult time.
Debt
It’s common for couples to acquire joint debts such as mortgages, car loans, or personal loans. Life insurance provides the necessary funds to cover debt in the event of death, so your surviving spouse does not have the burden of covering your financial obligations.
Income Replacement
If one spouse makes more than the other, then life insurance can act as an income replacement to help support your spouse’s financial needs. This allows your spouse to continue to cover essential bills and maintain their lifestyle without the others’ financial support.
Future Planning
Life insurance serves as a financial long-term planning by providing funds to secure your children’s education, cover future expenses like weddings, or major life events and contribute to retirement savings. Life insurance provides your spouse with the financial backing to achieve their future life goals, even if you are no longer there to provide for them.
Peace of Mind
Life insurance allows you to have peace of mind knowing your family is protected and financially secure.
Adding Your Spouse to an Existing Policy
If one of you currently has a life insurance policy, consider making your spouse a beneficiary. This ensures that your spouse is financially protected after unexpected tragedies. You may also purchase a separate policy for your spouse to provide comprehensive coverage for both.
Prosper Insurance compares 7 life insurance companies to help you find a policy that fits you and your new family’s needs. Click here to book a consultation with our life insurance experts to discuss your options for life insurance.
