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Just Married, Should We Get Life Insurance?

After the reception and honeymoon the party just begins. It is time to start thinking about your life together as a married couple and all the responsibilities that follow. One common question I received as an insurance agent was should I get life insurance once we are married. Most people think that life insurance should be purchased when you have children but I will give you some important things to consider which may change your view on life insurance.

There are multiple types of life insurance policies including term and permanent insurance. I won't get into the details of each but rather assume you will decide the right type of life insurance for you once your insurance agent does a financial review. The key point to remember is that there are many different ways to provide financial protection for your family but they only work if you actually start them. Let's look at some reasons why you should start a life insurance policy.

#1. The Sooner the Better

No matter what age you get married at the fact is you will never be that age again. When looking at life insurance quotes there is one major factor that determines the rate you will pay, your age. It makes sense that a 25 year old male would pay less than a 40 year old male because of his life expectancy. The difference in price can be hundreds of dollars per year between those two ages and that is why it is best to get life insurance while you are young. The sooner you get life insurance the sooner you will have guaranteed protection. This is vitally important if a life changing medical condition is discovered.

#2. Guaranteed Insurability

The saying goes "There is nothing guaranteed in life except death and taxes", but there is one more thing. Most life insurance policies that you purchase will have a guaranteed insurability clause that will allow you to convert the policy into a permanent policy if diagnosed with a terminal illness. The number one reason newlyweds don't purchase life insurance is because they have a policy through their employer. Consider that most employer life insurance policies are only good while you are employed with that company.

To bring this point home I had a very good friend of mine lose his father a few years ago and he didn't have life insurance for that exact reason. In fact he just switched employers and had the life insurance enrollment form on his desk. If you get a life insurance policy outside of work you will not have to worry about any lapse in coverage. Just consider the employer sponsored plan to be a bonus to your own policy.

#3. You Want the Best for Your Spouse

When you get married all you can think about is how much you love your spouse and want to provide for them. Forget about everything else and focus on why you got married. If you pass away tomorrow what do you want to leave for your wife or husband? Life insurance will not bring back your loved one but it can help you continue your life after they are gone.

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