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November 25, 2018

Is buying life insurance on your wedding to-do checklist?

Life insurance for Newleyweds

According to a report conducted by Wedding Wire, there are more than 2.2 million weddings every year with the average wedding costing around $36,000. Pinterest boards, vendor meetings, cake tastings, dress shopping, and ensuring your crazy uncle doesn’t propose a toast – weddings take a lot of planning and effort.

After they say “I do” and return home, couples realize a last name isn’t the only thing they share now. Taxes, insurance, and debt are among the many shared responsibilities newlyweds must face together. Making a plan to visit these topics probably isn’t high on their to-do list either.

However, according to Ramsey Solutions, a company dedicated to helping Americans out of financial ruin, money is the second leading cause of divorce. It causes high levels of stress and miscommunication.

A good way to prepare for financial adversity is to protect all of your assets should something happen to you. A life insurance policy’s primary focus is to take care of your loved ones and lessen the financial burden of your passing.

Newlyweds should consider life insurance coverage for several reasons:

American Income has served working class families since 1951 with life, accident, and supplemental health products to help protect members of labor unions, credit unions, associations and their families. They serve almost 3 million policyholders (as of 2016) worldwide, in the countries listed above and in New York as National Income Life Insurance Company.

SHARING DEBT

  • Whether it’s student loans, a car payment, the mortgage, or credit card debt, when you pass, you may leave your debt behind. If you’re not prepared for it, this can leave your spouse responsible for your debt while mourning your loss. Anyone who has debt should consider life insurance to help pay the accounts down in case something happens.

PREPARE FOR THE FUTURE

  • As most Americans do, newlyweds enjoy their time together and then start planning to have children. Even though you may not think of it at first, it’s important to plan for your child’s future. Without life insurance or a college savings account, your death could risk the possibility of your child going to college. Life insurance can help cover your child’s tuition.

STARTING EARLY

  • Life insurance premiums increase with lifestyle choice, and health record. Since newlyweds are typically younger, their health is better, which gives them a better chance at getting lower premiums. Getting started early can save you hundreds of dollars in premium expenses.

COVERAGE

  • There is no “one size fits all” option when it comes to life insurance. It’s solely dependent on your needs, health, and lifestyle. However, when deciding what coverage is right for you, there are a few things to consider.

FINAL EXPENSE

  • The National Funeral Directors Association found the median cost of a funeral was about $8,500. For some newlyweds, that can easily be their entire savings account. Funerals are expensive and since they are typically unexpected, many Americans stress about how to pay them. Life insurance coverage can help pay any final expenses after your passing. Some insurance companies even have a life insurance policy that only covers final expenses. These policies can range anywhere from $5,000 to more than $15,000.

DEBTS

  • Leaving a fund for your children, college tuition, or supplementing income for your spouse are all reasons why people buy life insurance. The Life Insurance Barometer study released by LIMRA states more than a third (35 percent) of all households would feel financial impacts within one month if a primary wage earner died.

MISC

  • Covering debts, supplementing income, and paying for the future can all be planned in advance to decrease the stress life’s inevitable events may cause. Everyone is at risk of adverse circumstances, but not everyone has to suffer financial ruin. The best way to prepare for life is to protect it.

Categories: Life Insurance, Term Life Insurance, Whole Life Insurance

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