Money is one of the essential elements of our lives and we should plan our finance from the very beginning of our life. Marriage is a bond of two people and caring is very important after marriage. Life and death are the two things on which we human being do not have any control. Hence, planning the economic matters after marriage can show a prodigious result in the future. Moreover, age is an important material for any life insurance policies, the younger you are the better policy you can get. Life insurance for married couples can build the foundation of the financial future for both you and your partner.
Why Should You Buy a Life Insurance Just After Marriage?
After marriage, daily lifestyle changes a lot as well as financial stability. Let’s talk about some factors you should consider:
Increase in Expenses
After marriage, daily expenses increase a lot. You might think that now both of you are earning and it will not be an issue if your expenses increase. However, you are wrong! To start a new family, you may need to rent or buy a beautiful house, a new car; these two are quite big investments. Paying monthly mortgage installments to get included in your expenses if you buy a house. Who will pay the debts if any unexpected happens to you?
Your partner and children will be responsible to pay the debts. You are a responsible person, right? You should not let your family bear this extra expenses.
Rule of Higher Age and Higher Premium
Are you thinking of buying a life insurance when you get older? You are completely wrong. The earlier you purchase your policy, the better chance of getting profit in the future. You must remember that your age is very important for the underwriters. Your age is proportional to the insurance premium. Moreover, you can’t guarantee about your health condition for future. Any major disease in older age can affect the policy cost too badly.
It is not possible to get an affordable policy if the age crosses 50 years. However, if you are over 50, read this content.
Benefits of Life Insurance for Married Couples
Couples generally buy joint life insurance and it is cheaper than other traditional policies. As there are two people responsible for paying the monthly premium, underwriters consider this policy as a safe one and sometimes give big discounts as well.
Both Term and Permanent Policies are Available
For couples, term plans of 5 to 35 years are available. Besides of these, you can buy whole life insurance and the policy remains active as long as you pay the premiums regularly. These plans can also create a very high cash value in the future. Hence, buying a plan can give you complete protection.
First and Second Death Policy
First death policy is when anyone person of the couple dies, the benefits are issued. On the other hand, second death policy is when both persons of the couple die, benefits are issued.
Both first and second death policy is available for married couples. So, you can choose as you need.
Now, How Much Do You Need?
From the above discussion, you already know the options you have. Now, it comes to the coverage amount you need. This is very flexible for couples. You can choose coverage from $25,000 and there is no up limit. However, you should be concerned that higher coverage amount costs you more on every month. If you can balance the coverage amount and monthly premium, it will be profitable in the long run.
So, What I Should Include?
When calculating the coverage, first of all, you should consider the debts. Debts are really a very bad thing for anyone’s life. Hence, you must include all your debts in your life policy.
Secondly, consider your children and parents if they are dependent on you. If you and your spouse earn for your family, then you must think about the other members. Your children’s education and living expenses should be included in your policy. However, you might find the amount is really very big. So, cut it as much as possible.
How to Find a Good Policy?
If you have decided the coverage amount you need, it’s time to look for the policy. The underwriter will check different factors before giving you a plan. Physical fitness is very important for a lower premium. Try to keep physically fit as much as possible. Control your weight and stay away from smoking or drinking. The better health you have, the lower premium you get. However, you may have to face some medical exams.
Having a good credit history is also important. The insurance company wants to make sure that you will pay the premium every month on time. So, they may verify your previous financial history.
Now it’s time to get some quotes. We are offering free quotes from top-rated insurance companies in your local area. Get quotes from us and save up to 70% on your plan.