Do I Need Life Insurance If I’m Married?

With wedding vows come additional responsibilities, the financial obligation to ensure that your partner is secure, no matter what happens in life. Life insurance for newlyweds is all about providing security for loved ones well into the future. However, life insurance is probably not the first thing young couples might think of after they return from honeymoon. For newlyweds, the topic of life insurance often comes after the purchase of a house or the birth of a child. But, a sound financial plan for any family should include adequate life insurance.

The need for life insurance for young couples:

Young married couples venture into the world together, planning everything together rather than as individuals. Now, everything in their life is a shared venture, even losses are shared as well. Being young and healthy now, can often obscure the reality that bad things can happen anytime. As Allianz Life Insurance rightly points out on http://www.allianz.com.au/life-insurance/life-insurance-for-young-couples no one plans to get sick, injured or to die un-expectedly and young couples especially do not want to think about disability or death. However, thinking about the worst scenario and getting prepared for possibilities is both selfless and wise.

 
For young couples, this is the time where they should set aside a regular saving to meet their family’s future requirements. With increased responsibilities comes an increased financial obligation too. Soon, renting turns into a mortgage. Often, a baby comes along right in the middle of really hectic times. Expenses are tough to budget, and the ups and downs in economic conditions often alter the family’s saving plans again and again. If misfortune strikes the family; having a life insurance policy makes it possible for the surviving spouse and kids to be able to move on without any financial burden being added to the loss.

Factors to consider while getting a life insurance for young couples:

The search for the best life insurance policy for newlyweds becomes easier, if the following factors are taken into consideration.

• Identify your insurance needs: The first factor to consider here is that whether you and your spouse need life insurance? If the answer is no, then consider the following things; Is your financial position sufficient to shoulder all expected and unexpected events in life such as accidents, disabilities or death? In case, you lost your ability to earn an income through disability, is there a possibility of selling your house and paying the debts or mortgage? Can you put your child’s education in jeopardy and the whole family relying on welfare? If your answer is ‘yes’ for all these questions, then you can definitely forget the idea of buying a life insurance policy for you and your family.

• Your affordability: As much as affordability, the extent of life insurance cover and its features is also very important. So, find a policy that you can afford as well one that suits your needs and requirements.

• Choose the right insurer: With so many insurance providers flooding in the market, choose one based on their market reputation, service standards, financial track record, claim settlement ration and good corporate governance.

Marriage, along with joy and happiness brings a host of responsibilities with it and requires one to be more diligent and responsible in their financial life. With a bit of financial planning, couples can plan and improve their future financial life well in advance. By buying a life insurance policy, young couples will be definitely be fortunate in the future for having the foresight of getting one.

Image by Tom Clare