Newly married couples have many pressing items on their to-do lists, but one task that often falls by the wayside is purchasing life insurance. Although you may not think about it as often as you do, say, car insurance, life insurance plays such an integral role in a new couples financial plan.
Why? Planning for your life together may include buying a house or having kids, which means your financial obligations could multiply in the years ahead. And if this is not your first marriage, you may already have children who depend on you for their wellbeing or an ex-spouse whose well-being you need to consider. A new spouse, step-children or future children only add to your responsibilities. Making sure all of your dependents have adequate protection in case you died is a necessary step in establishing your family finances.
Consider the risks: If either of your salaries is lost due to one of you passing away, the surviving spouse may suffer financially especially in todays economy. There is no denying it would be extremely difficult for the surviving spouse to maintain your current lifestyle without both incomes. The funds a life insurance benefit provides could help prevent a financial hardship.
The financial risks of losing a spouse could be serious, and no matter what life stage you and your spouse are in, age shouldnt discourage you from purchasing life insurance. Life insurance is important to young couples with little savings to get them through, as well as older couples with extensive assets to protect.
Although couples dont want to think about the death of their partner, a life insurance benefit can help the surviving spouse continue to meet living expenses, avoid debt and have a comfortable retirement. Just as you would update your personal records to show youve gotten married, so should you update your life insurance to reflect your status as a newlywed.
If you have any questions about life insurance please call us at Palma Financial Services.