Marriage changes a lot of things, but did you know it also changes your costs and options for life insurance? Below we outline four of the major things to think about life insurance before and after marriage when it comes to your dependents and life insurance costs. If you’re interested in learning more about this from an H&K insurance specialist, you can get a life insurance online quote here.
If you’re young, have no dependents, and are relatively healthy, you might be asking yourself, “Why do I need life insurance?” And you’re right: your risks of needing this life insurance at that time are very low. This means that life insurance is extremely inexpensive the younger and healthier you are, and this allows you to lock in low premiums for the rest of the policy. Likewise, if you’re planning to get married and have dependents, it makes sense to get it now. Read more about getting life insurance when you’re young in our blog: 5 Reasons You Might Need Life Insurance, Even If You’re Single.
Marriage is often a step where couples use their combined purchasing power to buy things outside of their individual budgets. This could be buying a home, renting a larger apartment, purchasing new cars, and planning for – and having – children. Most of these expenses would be challenging or downright impossible to do on one income. This is where life insurance comes into effect as income replacement, allowing your family to continue, from paying the mortgage to keeping food on the table.
From college loans to mortgages and car payments, many Americans have significant debt they are in the process of paying off. When you die, any debts you have are paid out of your assets, known as your estate. If you share joint accounts, these may also be used to pay off debts associated with them, or if your spouse co-signed a loan with you. Life insurance helps annul your debts, so it doesn’t affect your loved ones.
When it comes to life insurance, you have many options open to you. While you can get permanent and term life insurance before or after you marry, you have new options when you’re in a long-term relationship. Joint life insurance covers both of you under one policy, which allows for less expensive insurance.
The H&K Insurance Agency has services as an independent insurance agency since 1961. Contact us to learn more our services and for any questions about the puzzling and often overwhelming realm of insurance.