Getting married changes your life. You make a commitment to the one you love, gain new family members and, if you’re lucky, get that air fryer you’ve been dreaming about. This is a time when many newlyweds begin planning their future together. That planning often includes life insurance – and for good reason. The benefits of life insurance for newly married couples could help protect your family’s financial future as you begin this next chapter of your life.
Here are three reasons why getting married can change you or your partner’s life insurance needs:
- You’re sharing debt:
Most people get married with debt. For some, this might be a small car loan. For others, it could be tens of thousands of dollars in school loans. The good news is your spouse isn’t always responsible for your personal debt. However, if you take on debt together after your nuptials — you buy a new car together, for example — it will become the responsibility of both, even if one spouse passes away.With the average family owing around $135,000, you don’t want to leave your spouse to take care of all your shared debt after you pass. Life insurance could be helpful here, as your partner might be able to use your coverage amount to pay off a portion of your loans.
- You’re adding to your family:
Marriage is the first step in a lifetime journey that might involve growing your family. More than half of all married couples have children under 18. If you are also planning to add to your family, you likely want to make sure your dependents are set up for success, even after you’re gone.Life insurance allows you to do this. How? Your dependents could use the money from your policy to help cover debts or funeral expenses. Your life insurance could also cover some school expenses. That’s a big deal when college students pay around $20,000.00 Belize dollars per academic year at colleges abroad.
- You’re marrying into money:
If your spouse is bringing a good amount of cash to your marriage, you may think you do not need insurance coverage. However, Life insurance can be used to pay the claims of the government for estate fees; it is not necessary to dig into the heart of the estate, to sell the most precious securities or use your family savings to meet these demands.
Life Insurance is frequently used as a gift during the lifetime of the estate owner and thus both the conservation and the distribution of the estate can be controlled.
If you’re recently married or will be soon, take some time to think through these factors. Getting hitched can change your life insurance needs, and your financial future.
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