Do I Need Life Insurance Now That Iâm Getting Married?
May 19, 2015Yes, you may need life insurance now that you are getting married.
One of the primary reasons for getting life insurance after getting married is
for income protection purposes so your spouse can maintain the same lifestyle
for a given amount of time without having to worry about financial matters.
When a family loses an income stream due to the death of a spouse, the
surviving spouse often has to make a dramatic shift in lifestyle choices with
no way to have that income immediately replaced, especially if the surviving spouse does not work. -
The loss of your income may result in everything from your spouse losing your house because the income is not there to pay the mortgage, to pay
off the car loans, and pay credit card debts.
This is where life insurance comes in. Instead of using 100% of your own money, you use someone else's (the insurance company) so your spouse doesn't have to worry about financial matters after your passing.
Term life insurance works great for taking care of the mortgage and other temporary
expenses because you may only need coverage for those items for a specified
number of years, for example, up to 20 or 30 years. You can choose term life insurance with "term" of 10, 15, 20 or 30 years, and it offers the lowest prices for life insurance which means you can afford more protection.
Learn more about life insurance for newlyweds and how to compare affordable plans online today.
Posted by hadley hadley. Posted In : Life Insurance FAQ's
