Getting married is one of the most exciting experiences you’ll have in life and the start of an incredible journey. Although thinking about your future finances can be far from the top of your to-do list during the celebrations it’s actually one of the most important considerations to make before you say, “I do”.
Marriage is more than a relationship; it’s also a financial commitment to your future spouse
When you get married you’ll combine your finances either partly or fully depending on how you choose to handle the financial part of the relationship after the wedding. Some of the most common ways people become financially entwined with their spouse when they first get married include mortgages, household bills, insurance, day-to-day living expenses, and the one that comes as a surprise to some is through your spouses debts! Unfortunately your spouse can inherit certain types of debt when you pass away. So what does this mean for your life insurance coverage?
If You Have an Existing Life Insurance Policy
If one or both of you currently has insurance you’ll need to examine your coverage carefully to ensure that it provides the right amount of protection for your financial responsibilities as a husband or wife.
Your current policy may stay in place but the first thing you should do is name your spouse as the beneficiary to ensure the death benefit will be paid to them and not someone previously named on the plan.
Secondly, you should make a list of your financial obligations including mortgage balance, income replacement, debts, monthly costs, and any other large expenses so you can calculate how much coverage you need to protect your loved one if you were to pass away unexpectedly. You may also want to consider how long these debts last for to make sure you get coverage that lasts for an adequate period. If your existing coverage is adequate you’ll simply need to call you insurer to notify them of your marriage and make the beneficiary changes, if not then you’ll need to think about purchasing an additional plan.
If You Don’t Have Life Insurance
If you don’t currently have life insurance coverage you should start looking for life insurance plans to cover both spouses. Life insurance becomes more expensive the older you are; putting off the decision will ultimately cost you more over time. Additionally, many people make the mistake of not insuring the lower income earner, but when you examine your financial situation you’ll probably find that both parties incomes and contributions to the home are needed to avoid financial strain.
Finding The Right Life Insurance Policy After Getting Married
There are a number of life insurance plan types available that range from simple short-term coverage to plans that last for life and offer a savings component. IntelliQuote provides free life insurance quotes through our online insurance marketplace. To get started all you need to do is answer a few questions about your health and coverage needs. We’ll provide you with instant quotes that you can browse through in the comfort of your own home! If you’d like help choosing the best plan for your needs our licensed agents are here to guide you to the right plan!