Life Insurance for Newlyweds ~ Couples Life Insurance
Life Insurance for Newlyweds
Life insurance is important for newly married couples with children
Couples beginning their married life together is an amazing and wonderful thing, but new responsibilities also come attached to this new life. You will now be sharing more than your love, you will be sharing your life and everything that goes along with it. For instance, each one’s finance situation now becomes two shared finance situations.
One important thing for all newlyweds to consider is their life insurance. This is very important, as you want your new family to be secure for the future and present. This is the best time for couples to buy insurance, because they are still healthy and young. This makes the premiums and costs much lower.
You or your spouse might already have life insurance through your job or your own insurance carrier. You may need to change or add insurance coverage at this time. Here are some basic things to keep in mind when choosing your life insurance.
If you are planning on having kids, you should consider a plan that covers you and your spouse until the child graduates from college. A term life policy of 20 years is a great option for this type of coverage. The premium remains the same through out the policy’s 20 year term. If your health changes, the premium still stays the same. Experts recommend buying coverage that is ten times your annual net income, to ensure enough protection. This amount can vary by how many dependants you have and your age.
Make sure to review your insurance policy as time goes by, because your health could decline as you get older. Most term policies can be converted to a permanent insurance policy without any health exams. Make sure your policy has a guaranteed premium, which means it is guaranteed to stay the same throughout the term of the policy.
When determining the amount of life insurance you need, you need to understand your income from savings, Social Security benefits, lump sum benefits, etc. that are payable to your beneficiary. Ask an insurance professional, family member, or close friend to help you choose the right insurance company for your needs. You want and need a company whose price and coverage will match you personal needs.
1. CNN Money has published a very detailed article on life insurance in the US
2. Statistics from the Department of Labor
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