Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Yes! One of the primary points of getting life insurance after getting married is for income protection purposes so your spouse can maintain the same lifestyle for a given amount of time without having to worry about financial matters. When a family loses an income stream due to the death of a spouse, the surviving spouse often has to make a dramatic shift in lifestyle choices with no way to have that income immediately replaced - this can be everything from losing your house because the income is not there to pay the mortgage, to pay off the car loans, credit card debts (which can increase rapidly in this case as it's a quick source for people to delay paying immediate bills, but
draws substantially large interest rate charges and can put that person into even bigger debt).
This is where life insurance comes in. Instead of using 100% of your own money, you use someone else's (the insurance company) so your spouse doesn't have to worry about financial matters so heavily right after the death of a loved one.
For income replacement purposes, you ideally want to have at least a 5-7x income value so if you are making $100,000 per year, you want to have at least $500,000-$700,000 of coverage for that type of purpose. As noted earlier, you would then add in other debts you don't want your spouse to have to worry about such as mortgage, cars, credit cards, etc.
Term insurance works great for taking care of the mortgage and other temporary expenses because you may only need coverage for those items for a specified number of years (e.g. 20 year or 30 years).
A great idea for people is to create a step-down process where you have a larger amount of coverage in the immediate and a lower amount in later years when the larger amount of coverage may not be needed at that future point. This can help reduce costs for coverage and use the savings in premiums towards other avenues such as retirement planning, investments, savings, etc.
If you would like to go over this information in further detail, discuss your life insurance needs, and any other questions you may have, please feel free contact me by clicking on the button next to my picture and I will be happy to help. I do not charge any fees for my services and my group is licensed with over 50 insurance companies to compare rates through.
I hope the information is helpful - thanks very much for your question.
That is an excellent question! One of your primary duties as husband or wife is to protect your spouse in the event that something were to happen to you. If you were to pass away, would your spouse be able to afford your funeral expenses, the loss of your income, and the debts you'd leave behind to them? If you are like most of us, that answer is no. That is where a life insurance policy becomes important.
There are several policies available to you, and they run a range of prices. After the honeymoon is over, the two of you should sit down and work out your new budget. Once you have worked out what your income will be, and your monthly expenses, look at what disposable income you have left. Then look for an affordable life insurance policies for the both of you.
Whole life policies are more expensive, but offer the advantages of level premium costs, coverage that you can't outlive, and the safety net of having an available source of quick, tax free cash in the future if needed. The money paid out when you pass is tax free to your spouse. Term life policies are a good option if money is tight. They are also the more affordable way to guarantee a higher amount of coverage for replacing an income. The advantage and the drawback to this type of policy is that the coverage ends at a specific point in time, and then you need to start over. Depending upon your age and health at the time, that may not be a problem, or it could end up costing you more for coverage after that point. There are also universal or variable life policies that promise great income growth and death benefits, but I urge you to be extremely cautious if that is the route that you decide to take. The more hype and eagerness on the agents part to sell it to you, the more risk you will have, so beware. I am not a fan of these policies.
I'd advise you to look at combining your policies auto, home, (or renters) and life under one roof if possible, to take advantage of the discounts that will be available, and shopping for a reputable independent agent is always a wise thing to do. Congratulations on your marriage, may God bless you both with many years of happiness, and health. contact me if you have questions, and thank you for asking!
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Newly married individuals were the most commonly approached group of people for life insurance. Life insurance is all about love. If you love someone you want to protect them. Most of us don’t want to leave the person we love with a bunch of debts and obligations that exceed their ability to bear. Most people want their spouse to suffer as little as possible and certainly premature death is a devastating blow. The only person that will walk in the front door with a check is the life insurance agent.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
First I'd like to say that your question, "Do I need life insurance now that I'm getting married" is a mature question that indicates you genuinely care about your future wife and family and are an intelligent thinker! Good on ya!
The answer to whether you need insurance or not really relies on your financial strength and goals. If you have a few million dollars in liquid assets you probably don't NEED insurance...but you may still WANT to have Whole Life, Cash Value life insurance. The wealthiest people in the world typically are the biggest buyers of WL insurance, because of the value it has. On the other hand there are many people who are self insured feeling that the money they have acquired is sufficient to cover the needs of their family in the event of their demise. Obviously those people don't know what the wealthiest people know about WL insurance.
So in order to determine what kind of life insurance you should consider, (there are over 10 different kinds of life insurance), and how much is appropriate, you should consult with a life insurance professional - preferably one who is not tied to just one provider and can help you to implement the program that will be the best for you.
If you would like to talk about this further you can call or email me. I'm only licensed in Hawaii, but I'm happy to help you with the more important questions.
Getting married is a commitment to that person until "death does you part". If you love this person and commit to them forever, life insurance is the one product that allows you to keep your promise after "death does you part". Life insurance insures your loved one will be cared for financially long after you are gone. It is the ultimate product of love. So my answer is yes, you need life insurance starting out with a new partner to go through life with and share everything. I recommend using an experienced independent life insurance broker to be sure you have the right coverage at the best price for your unique situation.
Insurance Advisor, Lordship Insurance Services, California
Yes. I have been married twice. My first wife of 24 years passed away from cancer. Insurance allowed us to move on with less difficulty that we would have had if there had been no funds available. I know from first hand experience that you need to cover your most prized possessions and your spouse is a real prize (that is why you married them; you wanted to get lucky)
There are many options available when it comes to providing adequate coverage to loved ones. Contact us for more detailed information if you are in the market for great coverage.
Regional Marketing Director, Capital Choice Financial Group,
Yes! You need it now more than ever because you now have someone that depends on your income. It is rare that single people need coverage because of this reason. Be sure though to buy only level term life protection. With this you can purchase the correct amount and not destroy your budget. When determining the amount of coverage needed you must take in consideration your debt, income, mortgage, and education for kids if any.
Probably a good idea to start looking into this. If something happened to you tomorrow, how would your wife replace your income? Do you have a mortgage, student loans, car payment, credit card debt etc.??? How would she feel if she had to somehow figure out how to deal with all this?
In all seriousness, you should probably speak with an agent, or financial advisor, and have a serious conversation about your family's needs. Life insurance is very important, and should not be put off.
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draws substantially large interest rate charges and can put that person into even bigger debt).
This is where life insurance comes in. Instead of using 100% of your own money, you use someone else's (the insurance company) so your spouse doesn't have to worry about financial matters so heavily right after the death of a loved one.
For income replacement purposes, you ideally want to have at least a 5-7x income value so if you are making $100,000 per year, you want to have at least $500,000-$700,000 of coverage for that type of purpose. As noted earlier, you would then add in other debts you don't want your spouse to have to worry about such as mortgage, cars, credit cards, etc.
Term insurance works great for taking care of the mortgage and other temporary expenses because you may only need coverage for those items for a specified number of years (e.g. 20 year or 30 years).
A great idea for people is to create a step-down process where you have a larger amount of coverage in the immediate and a lower amount in later years when the larger amount of coverage may not be needed at that future point. This can help reduce costs for coverage and use the savings in premiums towards other avenues such as retirement planning, investments, savings, etc.
If you would like to go over this information in further detail, discuss your life insurance needs, and any other questions you may have, please feel free contact me by clicking on the button next to my picture and I will be happy to help. I do not charge any fees for my services and my group is licensed with over 50 insurance companies to compare rates through.
I hope the information is helpful - thanks very much for your question.
There are several policies available to you, and they run a range of prices. After the honeymoon is over, the two of you should sit down and work out your new budget. Once you have worked out what your income will be, and your monthly expenses, look at what disposable income you have left. Then look for an affordable life insurance policies for the both of you.
Whole life policies are more expensive, but offer the advantages of level premium costs, coverage that you can't outlive, and the safety net of having an available source of quick, tax free cash in the future if needed. The money paid out when you pass is tax free to your spouse. Term life policies are a good option if money is tight. They are also the more affordable way to guarantee a higher amount of coverage for replacing an income. The advantage and the drawback to this type of policy is that the coverage ends at a specific point in time, and then you need to start over. Depending upon your age and health at the time, that may not be a problem, or it could end up costing you more for coverage after that point. There are also universal or variable life policies that promise great income growth and death benefits, but I urge you to be extremely cautious if that is the route that you decide to take. The more hype and eagerness on the agents part to sell it to you, the more risk you will have, so beware. I am not a fan of these policies.
I'd advise you to look at combining your policies auto, home, (or renters) and life under one roof if possible, to take advantage of the discounts that will be available, and shopping for a reputable independent agent is always a wise thing to do. Congratulations on your marriage, may God bless you both with many years of happiness, and health. contact me if you have questions, and thank you for asking!
The answer to whether you need insurance or not really relies on your financial strength and goals. If you have a few million dollars in liquid assets you probably don't NEED insurance...but you may still WANT to have Whole Life, Cash Value life insurance. The wealthiest people in the world typically are the biggest buyers of WL insurance, because of the value it has. On the other hand there are many people who are self insured feeling that the money they have acquired is sufficient to cover the needs of their family in the event of their demise. Obviously those people don't know what the wealthiest people know about WL insurance.
So in order to determine what kind of life insurance you should consider, (there are over 10 different kinds of life insurance), and how much is appropriate, you should consult with a life insurance professional - preferably one who is not tied to just one provider and can help you to implement the program that will be the best for you.
If you would like to talk about this further you can call or email me. I'm only licensed in Hawaii, but I'm happy to help you with the more important questions.
There are many options available when it comes to providing adequate coverage to loved ones. Contact us for more detailed information if you are in the market for great coverage.
In all seriousness, you should probably speak with an agent, or financial advisor, and have a serious conversation about your family's needs. Life insurance is very important, and should not be put off.