Here comes the bride, here comes the bride… You did it! You survived your wedding day. All of that stress and planning finally paid off and you are married to the love of your life. Congratulations!
As you begin the rest of your lives together there are plenty of aspects to consider, from joint bank accounts to where the plates go in your kitchen, combining two lives into one can be a task. Don’t forget to consider life insurance when you are building your dream life together.
Yes! Life insurance. Life insurance is a huge factor that is very important for newlyweds to think about. You and your spouse work very hard to make your dreams a reality and you should ensure that they are protected in the event that anything happens to either of you.
Why is life insurance so important for newlyweds?
Many newlyweds take on larger financial obligations such as buying a home, trading their vehicles in for new models, or having children. They do so with the assumption that both their incomes will be contributing to the bills. Should you or your spouse pass away, that income would disappear. In addition, getting married means you now share each other’s debt. In the event that one of you were to pass away, the surviving spouse would be left with the debts of their partner. This is where life insurance comes in…
Life insurance is coverage designed to help financially cover end-of-life costs, pay off debts, help pay the bills and ongoing expenses for those you leave behind, and more. Essentially, it helps to protect your surviving loved ones from having to incur major financial hardship in the event of your passing.
How does life insurance work?
Your employer may offer group life insurance as part of their benefits package. While this coverage is often inexpensive and easy to obtain, it is typically not enough coverage for all of your needs. Regardless of whether you choose to opt into your employer-provided life insurance or not, it is a good idea to look into individual life insurance.
Individual life insurance can be customized to your individual needs and there are several options available. These include:
- Term Life Insurance. This type of life insurance is designed to last for a set amount of time, usually 10-30 years, and typically offers higher coverage for lower premiums. There are several different types of term life insurance you can get including level term and return of premium.
- Permanent Life Insurance. This type of life insurance is designed to last your entire life and builds cash value. There are several different types of permanent life insurance you can get including whole life and universal.
Determining what type of life insurance, you and your spouse should get, how much coverage you need, and what features you want your policy to have can be overwhelming. The best way to make sure you have the right coverage for your individual needs and budget is to talk to your insurance agent. Give us a call at 844-GANNONS today to discuss your life insurance options with our licensed agents!