Do I need life insurance after getting married?

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Asked June 24, 2013

1 Answer


For many people, marriage is the first step of the life of a new family. It brings promise for tomorrow, and obligations that need to be addressed today. One of those obligations is how to take care of your family if you pass away, and if you have not already purchased a life insurance policy by the time you get married, tying the knot would be a perfect time to do so.

Life insurance policies can be used to pay off the home and other debts. If you die, your spouse will have enough to worry about without being financially strapped because you were the main money earner. Term life insurance policies can be set up to match the duration of your mortgage or other debts, or you can use a single permanent life insurance policy to handle everything.

The need for insurance is not limited to the principal breadwinner. Non-employed parents often work just hard, performing household duties, taking care of children and managing the household. It important to insure against the losses the family would suffer without that parent, because many of those duties would transfer to a paid service or worker.

Even if you are on a tight budget, every family needs to have a minimum of funeral expense coverage for every member of the family. Life insurance is not limited to adults, and this type of policy could take a lot of financial strain off you in a time of sorrow. Funeral expense insurance does not usually pay out to the family, but pays to a funeral director who manages your final needs.

Purchasing whole life insurance policies for your kids when they are small is a great way to help them out in life. This avoids the chance of denial because of medical conditions that arise later, and locks in the lowest rates because of the time the policy is expected to be in force. Additionally, the savings in a whole or universal life insurance policy can be used as a nest egg for the kids when they are grown and ready to set out on their own.

From keeping your family out of debt to looking out for the future of you kids, life insurance for the family begins with marriage. Over the years, your life insurance portfolio will grow along with you possessions and your family, to cover new needs and modify existing ones.

Answered June 24, 2013 by Anonymous

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