Why Should Married Couples Buy Life Insurance?
If you’re a newlywed, or even if you just feel like one, life insurance can be an important safety precaution for you and your spouse. The thoughtful planning that goes into buying life insurance, whether whole or term, can truly save your family in case of a death. Losing a loved one is hard enough, so don’t make it even harder on those you might leave behind by not being financially prepared. Read on to find out more about why married couples should buy life insurance.
Whether it’s just you and your spouse, or a whole house full of children as well, life insurance can help pay for expenses like bills, home maintenance, and even childcare in the event of a loved one’s death. Life insurance also covers funeral expenses. Funerals are usually unexpectedly expensive, and it can save a family a lot of time, energy, and money to have the life insurance money available to fund the funeral. If you or your spouse passes away unexpectedly, the surviving family members will have access to finances that can help keep the family afloat.
There are two options when it comes to life insurance: Term insurance, and whole insurance. Many married couples feel that term life insurance to be the better investment, though it always depends on the individuals. Term life insurance pays out only in the event of your death, whereas whole life insurance combines a payout with a cash value that you can borrow against. Term life insurance tends to be the best value, but whole life insurance can be used in estate planning. The decision between these two options is truly up to the married couple.
Losing a loved one unexpectedly is difficult, but is always made more difficult when the loved one leaves a family behind. Show your family you care about their well-being by making sure that your spouse and children are taken care of in the event of your untimely passing.
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