4 reasons newlyweds should buy life insurance

By Compuquotes Team on November 6th, 2010

While many single people may not have much need for life insurance, most recently married couples will quickly see the value of a whole life or term life insurance policy. Here's why:

  1. Security: Chances are that after you get married, many of your big expenses--car payments, for instance, or rent or mortgage payments--will now be based on two incomes rather than just one. In the event that one spouse passes away, leaving the other spouse with a payment they can no longer afford--life insurance can provide the funds needed to pay the rent, credit card bills or other financial obligations. According to the website newlywedfinancies.com, life insurance might be the best way to ensure your spouse's future doesn't include foreclosure or bankruptcy when you pass away.
  2. New debt: Your spouse's debts are now your debts as well. According to the U.S. Department of Financial Institutions, if you need both incomes to cover household expenses or debt payments, such as student loans and credit cards, a life insurance policy provides a safety net in case one partner dies.
  3. Children: If you and your spouse are planning to start a family, you should consider purchasing life insurance. A life insurance policy can cover the cost of child care, education, living expenses and all the other many things children need in the course of their lives.
  4. Peace of mind: It's best to purchase life insurance while you're certain you can still get it--meaning long before you think you need it. According to Kiplinger's magazine, failing to prepare for your death can put a tremendous strain on your partner. Having adequate life insurance won't necessarily ensure a happy marriage, but it could eliminate a great deal of stress.

If you already have life insurance, it's also important to periodically review your coverage. This is particularly important as your annual income increases and you take on more debt--such as a larger mortgage--or have children.

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