Marriage and Money

Fulfilling Your Promise of Love with Life Insurance

Show your love by purchasing a life insurance policy that will benefit your spouse and your children in the future. But before doing so, learn about the three basic types of insurance presented here.

Love, and Making a Promise for the Rest of Your Life

After you've said your vows, cut the cake, enjoyed a leisurely honeymoon, and settled in to your life as newlyweds, now's the time to broach the topic of life insurance.

Life insurance is about making a promise to those you love, and since February is the month of love, it makes sense to assess life insurance options for you and your new spouse. Even if you think you're too busy saving up for other financial priorities, you should set out to find a life insurance policy that suits your needs.

Many people can feel overwhelmed at the complexities of life insurance. But if you break it down and begin with a few basics, it's much easier to understand. Let's start with the three basic types of life insurance that you both need to know about:

  • Term life insurance is often considered temporary insurance. It's meant to cover you for a certain specified period of time. The length of the term can range from five to 35 years, depending on what term you select. Term life insurance is a good basic policy that can be a very affordable choice - especially when you're just starting out.

  • Whole life insurance is considered a permanent life insurance. Unlike term life insurance (that provides coverage for a specific time period), whole life is permanent, and designed to provide coverage for the rest of your life as long as you continue to pay your required premium payments on time. It also includes an additional feature known as cash-value which can be borrowed against. The premiums with whole life will never increase, and will remain level for as long as you own your policy. Whole life can be a good “step up” policy from term, however the premiums can be higher.

  • Universal life insurance is also a type of permanent life insurance (meant to last a lifetime), but offers you the ability to use accumulated cash value to cover premium payments. Most universal life policies accumulate cash-value over time that you can borrow1 against (up to a maximum limit), for whatever you like, such as a down payment on your first home or preparing for a new baby.

When you marry, you make a promise of love to each other. In many ways a life insurance policy is also a promise of love. It says that you care enough to protect one another from a financial hardship should the unthinkable happen.

This article is meant to help you better understand three basic life insurance types available and to get the conversation started. If you would like to read more about other types of life insurance and whether you need life insurance, visit Protective's Learning Center.

1. Loans against the policy accrue interest and decrease the death benefit and cash value by the amount of the outstanding loan and interest.

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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

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