Life insurance for couples.
So you’ve come to the logical conclusion that you need life insurance. Next, you need to determine if you and your partner both need policies. In most cases, the answer is yes. If you’d like to leave your partner in a stable financial position in the event of your death, it’s smart to purchase life insurance coverage for both people in a marriage. Take a look at the common scenarios that indicate both partners should consider coverage.
One of you is a stay-at-home parent.
Even if a spouse remains at home with the kids while the other earns the primary income, it is critical that two policies are taken out. The stay-at-home parent covers a lot of duties that would cost a pretty penny to replace, from being a caretaker, nurse, chef, chauffeur, cleaner, and more. Life insurance ensures that the living spouse, who is the one in full-time work, doesn’t have to take time off or dip into savings to take care of the children and household duties.
You and your partner don’t have children.
Any lifelong relationship comes with shared obligations, from mortgages to student loans to debt. Instead of leaving your other half in a more vulnerable financial position, life insurance can help to cover some of these costs. In addition, funeral expenses can reach the thousands quickly. You don’t want to saddle your living spouse with these expenses when you are no longer there to help.
You both rely on life insurance through work.
One of the largest misconceptions about life insurance is that if you have coverage through work, you’re set. The reality is that while this is a great benefit of the job, it is usually not enough coverage when you have a mortgage, children, and other financial obligations that you share with a partner. Life insurance through work also means that if you leave the job, start your own business, or get sick and need to leave, your coverage will cease to commence. It’s a good idea to secure policies of your own to be sure you’re covered.
Life insurance is designed to protect your loved ones from future risk. Making these mistakes, however, could be detrimental to your family’s finances. It pays to work with a professional and trusted agency. Contact Donald Weiss Insurance Services to get started on your coverage today.