Importance of Life Insurance For Married Couples
Updated On Jun 28, 2021
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Marriage is also like a contract between two people. The commitment is made out of love, trust and the promise to provide emotional, social and financial support to each other. A life insurance policy is a step in ensuring the financial security of your spouse in the face of an unforeseen event. Hence, it is advisable to purchase a suitable policy plan right after your marriage. Read on to find some more points which exhibit the importance of a life insurance policy for married couples.
Importance of Life Insurance For Married Couples
Here are some reasons that will show the importance of a life insurance policy for a married couple.
1. Handling Increased Expenses
The increased responsibilities of the marriage lead to the increase in the couple’s expenses that further rises when the couple decides to have children. A life insurance policy can help meet these expenses through the death benefits offered to the dependents of the life assured in an unfortunate event. The importance of a life insurance policy to deal with financial strain increases if the life assured is the sole breadwinner of the family. The monthly death benefits offered by the insurer acts as the income replacement for the family.
2. Debt/Loan Repayment
Many couples realise their dream of a new house or car to start the new chapter of their lives through loans and debts. But if something unfortunate happens before the loan repayment, a life insurance policy helps fulfil the loan obligations through the death benefits provided to the surviving spouse. This helps in ensuring that the surviving partner does not suffer from financial burdens.
3. Higher Coverage
It is advisable to purchase a life insurance policy at a young and healthy age to get higher coverage at low premium rates. You can get maximum benefits if you buy a suitable insurance plan as soon as you start earning stable money or after marriage. Moreover, the amount saved on the premium payment can help solve other expenses of the family.
4. Future Planning
Through a child's life insurance policy, you can ensure the financial safety of your child's future lifestyle, education, goals and aspirations. The policy can be purchased during the child's birth and withdrawn during special occasions like higher education, marriage etc. Furthermore, you can buy a retirement policy that helps generate income through regular pension payments after your retirement. All in all, a life insurance policy helps in planning for different phases of your life.
Endnotes
Through the points mentioned above, we can conclude that purchasing a life insurance policy after marriage is a sound financial decision that will help you and your spouse better prepare for testing times. You can even consult an insurance agent or a financial advisor to help determine both the spouses' personal and professional requirements and future aspirations. Moreover, it is advisable to purchase a policy after a detailed comparison between various plans offered by different insurance providers.
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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
