Can couples save money by buying life insurance together? Buying in bulk is almost always a great way to get a lower price on something, thanks to the way that most products are produced. “Buy one get one” deals are everywhere in supermarkets and stores, but is life insurance the same way? Can I save money if both my partner and I buy from the same insurance company? No. If you and your partner both need life insurance, it’s not any cheaper to buy at the same time nor is it cheaper to both buy from the same insurance company. In fact, you may actually pay more if you both go with the same insurance company depending on your individual risk factors. For example, let’s say a...
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An important part of building a life with your significant other is creating a good financial foundation that can protect each other and your family. Acquiring life insurance for yourself and your spouse should be a big part of that plan. To find the best coverage for your partner, here are some tips. Buy life insurance for both of you Once you’re married and your lives are bound together, so too is your financial future. Life insurance is a vital component of your financial security. Chances are good that you depend on each other for financial support, and if you have children they also depend on you both. Your spouse can use the life insurance money for a variety of things, including: Day...
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When you and your spouse are newlyweds, your future together seems like an endless expanse of joy and opportunity. Every day is bliss! But marriage comes with some uncomfortable conversations, too. Where will you live? What are you saving money for? When will you start a family? What if something happens to one of you? If you and your spouse are avoiding these topics, you aren’t alone. One survey found that 44% of respondents found talking about personal finances challenging. Talking about death came in behind it at 38%. Chances are, term life insurance —a combination of both of these topics—is the last thing you want to talk about as a newlywed couple, but it shouldn...
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Officially deciding to get married and legally partner with someone might seem like the biggest decision you’ll make. But in reality, it’s likely the easiest one compared to all of the other details that need to be figured out after you get engaged. And when it comes to finances, life insurance should be part of the conversation. “Couples often combine their finances as newlyweds, making both spouses financially responsible for major shared purchases and debts, like a mortgage or credit card debt. Purchasing life insurance helps couples make sure their partner is financially taken care of should something unexpected happen to one of them," says Matt Burke, senior manager at Policygenius....
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Why Should Couples Get Term Life Insurance? If you depend on each other's income, either to pay bills or manage debt, you'll need to replace your spouse's income if something happens. So getting a policy now for each of you is important. What Type of Life Insurance Should Couples Get? There are so many different types of life insurance out there. But term life is almost always the most affordable type of life insurance, and it’s definitely the simplest. It covers you for a fixed period of time until you're self-insured, saving you from paying for life insurance long after you need it. How Much Life Insurance Do Married Couples Need? We recommend getting 10–12...
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When you were single, you may not have felt the need to get life insurance, but once you’re married life insurance should be on your mind. Every financial decision you make, beit your home, car, or kids if you want them, now includes two people and likely two salaries. If you die, how can you best support the people you leave behind? Life insurance is the best solution for most of us. Here’s everything you need to know about life insurance for married couples. We’ve angled it towards life insurance for young married couples, but it applies to couples of any age. Is life insurance for young married couples worth it? You may be young, but you now have someone who depends on...
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Key takeaways A life insurance policy or rider can help couples take care of joint commitments or future plans Couples choose to have life insurance for many reasons including to pay off a mortgage, settle debts, handle final expenses, manage living expenses, or provide for heirs Options range from an individual term life or permanent policy for each individual in a couple to riders that expand coverage Why should couples have life insurance? You’ve both worked hard to build your life together. You’ve got plans for a thriving future. Life insurance helps ensure the life you’ve built together continues. Your contributions might be financial, such as a salary that helps cover the mortgage,...
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The ring, the pearls, the latest perfume or tickets for a great vacation, you too would have tried out various things. But what if we tell you of an expression of love that would remain untouched by the ravages of time? If you want to know more, read on. Give your spouse the gift of financial security Remember your wedding vows when you vowed to be by the side of your better half for the better, or worse. What if you could ensure that a part of you remained to take care of your spouse even in your absence? Well, you can do that if you want to secure your spouse’s financial security even in your absence. Life insurance ensures that you continue to provide financial security to your spouse...
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Tying the knot? Congrats! Walking down the aisle can be one of the most thrilling (and, perhaps, overwhelming) times of your life. You're about to join forces in life and love — but also in your finances. While you may just want to focus on the joy of being married (hello, honeymoon!), now is the time to prepare for your future together, through thick and thin, richer and poorer — putting some emphasis on the thinner and poorer parts, just in case, because that's when things can get rocky. Because life is full of unexpected curveballs that could rain on your marital parade, it's smart to establish a financial safety net so you're more prepared for whatever may come. Here's how you can deal...
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Maybe you think that millennials and life insurance aren’t a fit because people your age are too young to need it. With the likelihood of many decades of life ahead of you, why invest in something that only pays off if you’re gone? But there are a few problems with that logic. First, Millennials aren’t all that young anymore. The oldest Millennials are pushing forty and the youngest are approaching their mid-twenties. Second, the cliché idea that people of your generation don’t have serious relationships, jobs, and responsibilities never was true in the first place. And it’s definitely not true at this point. Those relationships and responsibilities are exactly the reason people buy life...
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