After a marriage, the last thing that anyone would wish to consider is something that is sadly inevitable – death.
Nevertheless, death is part of everyone's life cycle, and although it should not be something to dwell upon, there are certain related elements that ought to be planned for.
Should one of the partners die prematurely, it's very possible that this can have a devastating effect on the finances. Even more so when there are young children in the family and a mortgage payment is involved. The surviving spouse can find it very difficult to support the family.
Furthermore, there are of course a variety of other expenses, such as common living costs, car payments, medical payments, college costs, plus many more.
Thus, for newly-weds, it makes entire sense to think about life insurance coverage. This is by far the best alternative to ensuring that the family is financially taken care off, should a disaster happen.
For Married Couples, Life Insurance is a Must-Have
Life insurance for married couples means that either one can name the other as the sole beneficiary. In this case, should one partner die, the other will receive the entire life insurance payout.
Furthermore, the children can also be named as beneficiaries, so that, in the unfortunate case that both married partners die, the children gain financial security.
Should one spouse be a stay-at-home parent, then having life insurance is also a very wise option. If the spouse that is employed dies, then it may very well be difficult for the remaining spouse to then find employment, or any other way to support not only the children, but themselves. In this scenario, it's always best to be prepared, regardless the possibilities of it actually happening are indeed slim.
Younger couples might not believe that they require life insurance, but the sooner they get it, the lower the premiums will be, particularly so if both parties are in good health. Additionally, younger couples are far more likely to be given approval for life insurance.
Buy Life Insurance While the Going's Good
In the earlier stages of marriage, there tends to be a lot of expenses, such as investing in a home or buying a car, or both. In which case, it's wise to make some preparations should one spouse pass away and the other is unable to meet those expenses.
Life insurance can be used not only to cover every-day living expenses, but also funeral costs. After all, funerals are far from cheap, and it's very possible that the remaining spouse will have difficulties in meeting those costs. Life insurance can help to cover the costs of the funeral as well as other expenses that can occur post-death.
Something else to consider is that the remaining spouse may well develop psychological conditions after the death of a spouse. In which case, they may not be in a position to work and earn an income. In this situation, life insurance benefits will be a good provision for the spouse.
Although no-one wishes to consider the solemnity of a death, in the case of life insurance, it's best to think about the worst case scenario in terms of benefiting the remaining spouse as well as any family members.
Therefore, rather than viewing life insurance in a negative way, think of it as a way to secure a financial future for yourself and for your family.