When getting married, there are literally dozens of things that you are expected to do. Get the wedding details right, plan the honeymoon, figure out where you are going to live, etc. These are all important and totally valid, but what about in the long term? Getting married is a long term commitment and does change a great deal of things for both parties. Life insurance should be part of your long term plan, don’t think so? Keep reading to find out why.
Next of Kin
When you are single, you are only responsible for yourself. This means that if you pass, your next of kin is likely your parents, siblings, or grandparents unless you have specified someone else. When you get married however, your next of kin is no longer your parents or extended family. After marriage, most laws state that the spouse becomes the next of kin. This means that if your spouse passes, it is no longer the responsibility of your parents to handle funeral arrangements or end of life care.
Since you are married, it is always beneficial to have a life insurance policy that lists your spouse as your beneficiary so that they can use the money to help pay for funeral expenses. This is going to help reduce some of the stress, some of the worry, and will help make sure that if the unthinkable happens, there is some sort of safeguard to help make sure that you are going to be able to handle all the end of life expenses that come with death.
In the majority of places, the duty of caring for end of life expenses falls to the spouse, unless otherwise specified or unless there is some other power of attorney arrangement in place. It is important that newlyweds realize that anything can happen at any time. You may be healthy and happy one day and gone the next and having a great insurance policy in place is going to work to protect your spouse and help to make sure your spouse has financial support, even if they have to miss work.
For the most part, couples before they get married do not have a huge amount of assets. They may have a car or an apartment and in some cases, even a home. In most cases marriage means two incomes which means a bigger house, a mortgage, perhaps new cars, more possessions and larger bills overall. With two incomes, caring for a household is not all that difficult. It might be tight here and there, but it is totally doable.
If one income stopped after the death of a spouse, it would be far more difficult for a single person to uphold a household and to pay all the bills that were once paid with two incomes. Life insurance provides a life boat of sorts and can help to cover the cost of the home from month to month, even after someone passes.
Most people do not consider that they are going to have significantly more bills, more financial burden, and more responsibility therefore they need more coverage. Making sure there is some sort of coverage or policy in place is going to help make sure your spouse can keep living the lifestyle they are accustomed to, even if they do not have two incomes any longer.
Another consideration is children. While you may not have kids right off, you are likely going to have kids at some point after marriage and caring for a household, kids and funeral expenses is enough to break anyone. With a good life insurance policy you can make sure your spouse and your kids are both taken care of even if you pass. Children make a huge difference in the overall effectiveness and need for life insurance coverage.
Your spouse may not feel that you need coverage if it is just the two of you, but kids do change things and do make it necessary to have a bit of extra coverage to help make sure that they are going to be cared for if one spouse passes. This is also going to help make sure your kids are taken care of and that there is some financial stability in times of intense hardship.
Children change everything and having a great policy in place to help make sure your children are cared for after your passing is a must. You can also take out life insurance policies on children as well as needed that they can borrow against later when they are over the age of 18.
Serious Illness or Injury
You can also use a life insurance policy in times of serious illness and injury. This means that if you already have an existing policy, some policies state that if you have a terminal diagnosis that gives a frame of 24 months or less, you can claim a portion of your policy to help cover expenses. This is a great help for those that are ill enough that they cannot work and do need serious treatment.
You can also claim some of your policy in cases where you are injured seriously in some cases. There are policies that have partial dismemberment clauses that allow you to collect a percentage of your policy if you lose a hand, arm, leg or foot. These policies are going to be very specific but are also great for those that might have a serious injury and need help with expenses until they can get disability or until they can make other arrangements.
There are even some life insurance policies that will still pay out, even if you do get a serious or terminal illness. With any special policies or anything that is out of the ordinary or not a typical policy, it is always best to speak with an agent to find out just what your policy covers, what you can claim on, and what you need to do to make sure you are going to be getting the coverage you need for any event or circumstance.
Types of Life Insurance
Now that the topic of insurance has been broached, it is important to know what types of policy are out there for newlyweds and anyone else that wants to take out a life insurance policy. There are two basic types of life insurance. The first is what is considered whole life insurance. This is a policy that pays a benefit on death of the policy holder and that also gains cash value as it ages. This is the most expensive policy type to have, but it is also very beneficial and can help you to make sure your family is well taken care of even if you are gone.
This type of policy is one that you pay a premium for every month indefinitely, until death or until the policy is cashed out. This is a great type of insurance to have in cases where you are dealing with someone who is healthy and that just wants to be fully covered. This is also great for younger people that want a policy that is going to last far longer that other types of policies.
Another common type is term life insurance. Term life insurance pays out a benefit, but only within a specific term. This means that you will only pay for a certain term, generally 25 years or some other similar figure. These policies will start and stop on a specific date and policy holders will pay the premiums during this term. If the policy is not drawn on, you will get your premiums back or you can start the policy over and keep the value that you have built into it.
Term life insurance is better for older policy holders or those that only want to hold policies for a specific amount of time such as until their kids are 18 or some other shorter term. This is also a great policy type for those that want to test the waters and see just what type of policy they can get. Term life insurance policies are going to cost less than a whole life policy but are no less beneficial in times when they have to be drawn on.
Newlyweds and Insurance
As with other types of insurance, there are some circumstances that do lower rates, and marriage is one of them. Insurance companies see people that are married as less likely to become involved in risky behavior and are less likely to have to claim on a life insurance policy. Those that are married are part of a lower risk category of people that are seeking life insurance which makes them less expensive to insure.
Another benefit to getting a life insurance policy directly following marriage is that whole life policies do gain cash value. This means that if you have a whole life insurance policy and you have it for 10 years and need a loan to fix up your house for instance, you will be able to use the policy as collateral for your loan. Life insurance policies are a great piece of collateral for those that want to take out a loan later in life.
Still another benefit is that far easier to choose your beneficiary if you are married. You can have a policy on your husband or wife with very little hassle and you can each name the other as the main beneficiary for the policy. This means that even if you pass or are seriously injured, you can keep providing for your family even after you pass.
Anyone can benefit from life insurance but newlyweds have a great deal to gain from a great, inclusive life insurance policy that covers all the bases. Talk with an agent to get the perfect policy.
Why Get Life Insurance
For those that are considering a life insurance policy, it is always better to have a policy than it is to wish you had one and let the opportunity pass. A life insurance policy could mean that your spouse can take care of your end of life expenses without worry, that your kids can stay in their home because your spouse is able to keep paying bills, and that you do not have to worry about whether or not your family is taken care of after you pass.
Life insurance is something that can be very specific to each policy holder and to each circumstance so that you can be sure you are fully covered. For those looking for a insurance companies in Louisville KY or life insurance Louisville KY, the agents with Aines Carter & Associates can help you to find the policy that you want and need.
Insurance is a great way to add some security to your new marriage and can help make it possible for you to be safe and secure even if your spouse or you pass. Life insurance can help to give you something to borrow against later, a coverage that keeps your family covered, and more. Overall, life insurance is a great idea for everyone, but especially for those that are entering marriage and are entering a new chapter of their lives. Things change when you get married and a great insurance policy can help make the transition from single life to married life easier and simpler to deal with.
The best way to get the right insurance for you is to talk with an agent to see what type of policy works best for your needs and fits your own specific policy wishes. Insurance is a great way to make sure that you are going to be covered, even in cases when you pass. No one can predict the future and no one can predict when the unthinkable might happen. Having a life insurance policy in place is going to help protect you and the people you love in the case that you are no longer there to do it for them.