Top 5 Reasons You Need Life Insurance as a Newlywed
Buying life insurance is probably the last thing on your mind when thinking about planning your honeymoon. You just married the love of your life, enjoying marital bliss, sinking your toes into the sand, and talking about your future plans. It was only yesterday you spoke those words “until death do us part”. You may say “that is so many years away, we are young and healthy we don’t need to buy life insurance now”.
In reality, now is the perfect time to purchase life insurance. In my opinion, these are the top reasons why newlyweds need life insurance:
- You married your college sweetheart, and you both have college loans that require repayment. If your spouse dies before the loans are paid off, you are responsible for that debt. This amount could be as much as a new home.
- Speaking of a new home, you and your spouse are in the process of looking for a new home. Would you want your spouse to be responsible for a 30 year mortgage on one income if you should die early in your marriage?
- You are planning on having children. The costs associated with raising a child are astronomical.
- Final Expenses. Not only would your spouse need funds for funeral and burial costs, there could be outstanding medical bills your health insurance did not cover.
- Peace of mind. You want to ensure your spouse will have enough income to maintain the lifestyle to which you were accustomed to.
You say “I already have life insurance through my company”. The amount of your group insurance may not be enough to cover all of these expenses. What if you left your company or were laid off? You could run the risk of not having any life insurance. If you purchase an individual 30 year term insurance policy, the premiums will not change over the 30 years.Your health may change over the years which will result in higher premiums. Buying life insurance while you are young and healthy will keep the premiums low and keep your family protected so your surviving spouse will not have to test “for richer or poorer”.
About the author: Teri Costen has been in the life insurance business for over 20 years. She is a mother of three who enjoys working out, taking aerobic kickboxing classes, and making stained glass. Teri believes that finding the right life insurance policy helps protect your family and loved ones. You can contact Teri at 1-800-651-1953 or TCosten@Pivot.com.