Why get life insurance when getting married
Marriage is one of those fundamental milestones that allows you to step back and consider what really matters in life. We can’t predict the future but we can plan for it. Life insurance gives you the peace of mind of knowing that whatever may be around the corner, the person you hold most dear to you will be protected financially. It means that despite the heartbreak of losing a spouse, they will looked after, able to continue paying the mortgage, not forced to sell the marital property.
Planning for your family
It’s not uncommon for newlyweds to start planning ahead for when they may decide to start a family. Where will the kids go to daycare? School? University? There’s a lot to plan for, and, like all expectant parents, we all want the best for our kids.
While having in a life Insurance Policy is intended to protect your spouse from financial hardship, it is also hugely important for the wellbeing of your children. Failing to invest in the right life insurance could place unwanted financial pressure on your spouse at a difficult time. A time best spent supporting the children. Not worrying about money.
Shared budgeting
There’s a lot to think about when you become a married couple. And a lot to pay for; there’s the wedding itself and then the honeymoon. All of this can leave you with a debt to pay off together; your first official financial goal as a married couple.
If you’re lucky enough to have paid for your wedding in advance then you may be saving for a deposit on your first home, or you may even have a home already and be making steady mortgage payments.
It’s the financial responsibilities which married couples share that can become a huge burden in the event of a sudden or accidental death. That’s why it pays to plan a Life Insurance premium into your household expenses when you’re planning your shared budget. It may seem like just another expense to add to the list but it never hurts to have some security in place.
Protecting your financial future
Having a life Insurance policy in place is a great way to insure that your financial legacy will remain in place for your children or grandchildren.
A life Insurance policy could fund a beach house build creating a sanctuary for your family to enjoy for years to come. It could put your children or grandchildren through university. It could simply pay off your mortgage, allowing your spouse and family to grow old together, debt free.
When both spouses are covered with a Life Insurance Policy, it takes the stress out of the unknown. Whatever happens, you know that neither of you will be forced to sell your home due to an inability to pay the mortgage.
