When to Buy Life Insurance: Getting Married

Falling in love and getting married is an exciting time in your life. You are no longer planning for one life, but for two or more. A loving future as a family is in front of you, but you also have taken on the responsibility for another life as well as your own. Economic decisions should be made to take into account your joint financial future.

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What are the considerations for life insurance if you marry?

• Maybe for the first time in your life, another person is dependent on you for your income and/or services. Even if you both work outside the home, you will make choices in housing and other purchases that reflect your total joint income and efforts. That debt may be difficult for one spouse to afford if the other spouse is no longer contributing.
• If you have or adopt children, both you and your spouse will be contributing much more than income to the family. Childcare expenses (including that of a babysitter, chauffeur, nurse, tutor, or maid) will need to be covered if the primary caregiver dies. The cost to replace these services should be included in your life insurance plan.
• As you begin your life together, you should start to plan for a comfortable joint retirement. A whole life insurance policy can be the beginning of a comprehensive investment plan to build security for your family’s future. Starting early to build security means that you can start small, while accumulating much more over time than if you started saving and investing closer to retirement. Whole life insurance also becomes a source of emergency low-interest loans in the future.
• The correct term life insurance policy can cover the typical debt incurred by young married couples, such as a car loan, mortgage loan, or furniture purchases through credit cards. Term insurance offers protection so either spouse can afford the debt load and won’t lose the family investment if one partner is lost. This type of insurance is relatively inexpensive and can be dropped when no longer needed.

Adequate insurance on both spouses can ease the pressures on the new family. While you will also want to start an emergency savings account and an investment plan, these sources of funds take time to grow. Knowing that either spouse can survive economically is a gift you can give each other as you begin your lives together. Also, review your insurance often in order to make sure your coverage will be adequate as your family’s needs change.

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