Getting married: what happens to life insurance policies

By Compuquotes Team on March 30th, 2008

If you are thinking about getting married you are probably thinking about all of the ways that you will be putting your lives together in as many ways as possible. There are a lot of things that you already have to think about when you are getting married. If you get married, part of what you have to deal with is insurance policies. If either of you have life insurance policies already, you are going to have to decide what you want to do with them when you get married.

The first thing that you want to do is look at your life insurance policy and see if it would be better served by putting it together with someone else's. Many times, your life insurance policy is going to be more expensive if you buy it on your own. Therefore, if you get a policy with your new spouse, it will be much cheaper. Therefore, if both of you have life insurance policies, you might be able to spend less money by putting them together.

There are some things that you should remember when you are combining life insurance policies with your new spouse. First of all, when you are examining your life insurance policies, you want to be sure that you are able to benefit from the way that things are set up. For instance, if you have a life insurance policy through work, you might not be able to add your spouse, but you might be able to. You need to talk with your work provider and your insurance company about what you are able to do with your insurance policy.

If you have purchased life insurance privately before you get married, you want to see if your policies will work if you put them together. Some married couples find it much easier to leave their policies separate, because that way they can be sure that they are both covered. If something happens to one of them, the other will still have the same policy.

Lots of married couples end up getting rid of their separate policies, and putting their policies together. This ends up working well for couples because they will be able to be covered together. It is usually cheaper for a couple to buy a term life insurance policy that will cover both of them, so this is often what ends up happening with couples. If you both already have policies, you might be able to find a cheaper deal if you get rid of them and purchase them separately.

Remember that in the end, life insurance is just another part of your marriage that should revolve around protecting each other. You need to have life insurance so that you can rest easy, knowing that if something should happen to you, your spouse will not have to take care of it. You want to be sure that you have the right kind of life insurance policy so that you will know that you are taking care of each other in every way that you can.

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