If you plan to get married or have recently gotten married; congratulations! Marriage is the first step into a new life spent together with your partner.
With any new phase in life comes new plans, and one of the most important parts of building a new life with your partner is ensuring that both of your finances are in order for any plans you two may have. A comprehensive life insurance plan is one of the easiest things you can get done to ensure that you and your spouse or fiancee have a level of stability in your overall financial plans. It should be a priority for married couples to figure out how much life insurance they need based on the individual income of each partner and their obligations and assets, and whether or not the survivor will need continued income from a death benefit.
Because marriage is often the starting point at which two people share their assets (and, by extensions, their financial obligations), marriage is the perfect time to get started on building a policy. This is for a few reasons; the primary reason being that sooner is always better when it comes to purchasing life insurance as premiums are always at their cheapest for you when you are younger. Another reason is because marriage is often the starting point for a couple to make future financial efforts – this can include taking out a mortgage, buying a car, or even starting a family; all of these things can benefit from having a solid life insurance plan already in place as a safety net. Additionally, it’s very likely that the two of you will have some amount of debt between you. Life insurance is a great way to prevent unpaid debt or financial obligations from hurting your family even more in the event of terminal illness or death.
Additionally, based on your individual employment situation, you may find that your employer covers your life insurance for you. While it may seem like you don’t need an individual policy if that’s the case, you might need one more than you think. This is because many employer-provided policies are not portable, meaning that when you leave the company they will terminate, leaving you and your family vulnerable to financial losses in the event of death or illness. Additionally, those policies that are portable may be even more expensive than an individual policy when you part ways with the parent company. This is just another reason to look into getting individually insured as soon as possible.
Finally, things change. So can your marriage, and with that you may find that your needs from your life insurance policy can change over time, too. When that happens, we’ll be there to help you out. To get started on building coverage for your life together or to update your existing policy, contact us at www.pacificinsurancegroup.com or give one of our agents a call at (425)-246-4222.