When the honeymoon is over and you come back to life as you know it, buying life insurance may not sound as exciting as diving into your wedding gifts, but you should consider putting it on your “to do” list as a new couple. When you're ready, the following are a few considerations when shopping for life insurance as a couple:
Be selective as newlyweds choosing life insurance
There are many different types of life insurance available to consumers and just as much advice on what type of policy is best. While it's important to do your homework and learn as much as you can about various life insurance products, it's just as important to learn about the life insurance company that you're considering. Selecting one of the best life insurance companies for you includes knowing how financially strong they are. You certainly don't want to pay on a policy for years and when your spouse needs it, find that the insurer is unable to pay the claim or has become insolvent. Before you buy, a good rule of thumb is to consider the life insurance company's rating.
Know your numbers
You may have purchased a small life insurance policy through work when you were a single person, but now that you're married, you need to think in terms of the two of you. The fact is, the life insurance coverage you have through your employer may not be enough. If that's the case, then ask your Human Resources representative if you have the option to increase your coverage. If not, then you and your spouse should consider buying a policy independent of your employer sponsored benefits. The key takeaway here is to be sure that you have enough coverage now that you're a couple. Not sure how much coverage you may need? Try using the Protective Life Needs Calculator.
As newlyweds, make life insurance a priority
As a newlywed, you might have to juggle many new things. From finding a place to live to the co-mingling of finances, life is going to be filled with new and exciting “firsts” for the both of you. However, no matter how busy this time of your lives may be, be sure to make getting life insurance a priority. Yes, we understand that talking about life insurance with your new spouse isn't at the top of your “fun things to do” list, but it's important. If you want tips on how to broach the subject of life insurance with your spouse, visit the Protective Learning Center.