What You Should Know About Life Insurance as a Newlywed
Life insurance for newlyweds may not be the focus on the big day. But after you’re married, it should be a key topic for young couples. Many people don’t even think about getting life insurance until after they’ve had kids. However, this can be a costly mistake to make.
While it’s not pleasant to think about, you and your new partner need to consider what will happen should one of you pass away suddenly. Ensuring the financial stability of your spouse after passing is the only way to look after him or her when you’re no longer around to do so. When it comes to making a decision about life insurance, there are several factors you should first consider.
Outstanding Debt
Many young couples share outstanding debts that they make payments toward each month. These may include student loans, auto loans, credit card debt, a mortgage, and more. If one spouse dies, would the other be able to continue making payments? The ideal life insurance could be able to help pay off these debts as well as providing enough money to support the regular living expenses for a certain period of time.
Living Expenses
Whether both spouses earn an income or one is the primary wage earner, both people provide value to the marriage that would need to be compensated in the event that one spouse died. At stay-at-home spouse will need the funds to continue meeting financial obligations and general living expenses, while the wage earner will need the funds to pay for the housework that is left behind. What’s more, the grief that follows a loss of a loved one can set one’s career back tremendously.
Children
Children are not cheap to raise. The average cost of raising a child from birth to 18 years-old is over $200,000, plus the cost of a college degree. While you and your newlywed partner may not be thinking about children yet, it’s important to note that a life insurance can help provide for them when you are not here anymore. An ideal life insurance policy will provide for the child and leave money for the spouse to continue meeting financial obligations.
For more information on how you can get the correct amount of life insurance coverage for your family, contact the Bristol team at C.V. Mason Insurance Agency.
