Being in a relationship is an exciting time. As you and your partner work towards personal goals, you’re also considering how you can work together as a team. Sharing mortgages or household expenses are good ideas. So is getting Couples Life Insurance.
For one thing, getting Couples Life Insurance is much cheaper than getting individual life insurance (5 to 10 percent cheaper). And you will enjoy all the benefits of a life insurance policy – that is, being able to provide for your partner no matter what happens.
How To Tell If You Need Couples Life Insurance
If you answer yes to any of these questions, it’s probably a good idea to take a look at Couples Life Insurance.
Do you or your partner work?
As long as one of you works, it’s a wise choice to get life insurance. Having life insurance protects the income you and your partner share as an entity. It doesn’t matter if only one of you works. At the end of the day, it only makes sense to pool together your resources especially when you’re saving towards larger and shared financial goals such as a home, a wedding or a once-in-a-lifetime holiday.
Having life insurance means your finances and your dreams are protected even if the worst happens.
Do you see a future together?
If marriage is in the charts, having life insurance helps you save up for the big day. Weddings can be expensive affairs and it is wise to have an insurance plan for unforeseen circumstances. Depending on the policy you get, your life insurance could also help cover future costs your may have as a family such as childcare, mortgage and having a baby.
When most couples think of taking the next step they usually think of marriage. But before all that, taking life insurance as a couple is a financially smart move. By leveraging on each other you can enjoy the protection of life insurance at a discounted price. The earlier you get it, the more you save and the less you have to worry about in the future.
Are you reliant on your partner’s income?
Mortality is probably not the most natural to think about in these early stages of your relationship but it is practical. If you’ve begun sharing expenses and costs with your partner, it’s probably a good idea to consider what your back-up plan is should your partner fall sick, is injured, or is no longer around.
Having a financial safety net in hand simply gives you the peace of mind that you won’t be left in the lurch should anything unforeseen happen. You may not have children, but at this stage of your life you are responsible for each other and it is comforting to know that should anything happen to you, your partner will be taken care of.
Even if nothing happens, getting life insurance early as a young couple is much cheaper than getting it later on in life.
What Type Of Protection Will You Get?
Couples insurance protects you and your partner should the worst happen. When both partners work, a joint life insurance policy will ensure that shared liabilities and expenses will continue to be covered should one partner pass away. This could be a mortgage, a car loan, an investment payment or any other expense the both of you share.
If only one partner works, the partner who earns income will be insured for the larger amount so in the event of his or her passing, the dependent will still be able to enjoy financial stability.
Protection from financial liability
As a young couple, you are probably starting to commit to larger financial goals together, including the expense of a wedding. Having couples insurance protects you from having to bear the burden alone should anything happen to your partner.
Upon passing your partner may leave you with liabilities you might have to continue paying. Having couples insurance means you will have the means to meet your financial commitments whether they are loans or investment instalments.
Protection for non-earning partner
In any relationship, both couples work even if one partner chooses to be the home-maker. The partner that doesn’t work may not physically pad up the bank account but his or her responsibilities still carry a considerable dollar value.
Insurance companies place a dollar value on the work of homemakers and it is this value which will be protected. When you have couples life insurance, you will be protected for the amount even your non-earning partner brings in.
This is the value of what it would cost to hire someone else to undertake the responsibilities he or she holds. For example, the cost of child care or hiring a babysitter, driver, gardener and cook.
Injury or illness
Most couples insurance policies will also protect you in the event of you or your partner falling sick.
If you have a family history of a serious illness or medical condition, there is all the more reason to get life insurance. You can also consider getting Total and Permanent Disability Insurance.
Why Get Couples Life Insurance?
At the end of the day it’s always better to start getting insurance early. If you’re part of a couple, all the better. As you grow in your relationship, you can leverage on each other to save on insurance costs and invest in a shared future.
You may still be in the early stages of your career but that’s the best place to start – when you are free of any financial worry or burdens. You can talk to your insurance to tweak your plan as your needs change.
Many people only wait until after marriage or later in life to think about life insurance and what would happen to their loved one without them. But by preparing for these things early, you can save on a lot of unnecessary costs. The trick is to figure out the dollar value of what you and your partner are doing now, as well as in the future.