Life Insurance for a Married Couple

Buying life insurance for a married couple can be confusing. Getting familiar with the different life insurance policies available will lead to the right policy for you and your spouse. Financial factors like final expenses, income needs, and debt should be considered when choosing a married couple's life insurance policy. The best way to fulfill your needs for a married couple's life insurance policy is to get quotes from numerous life insurance companies.

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Natasha McLachlan is a writer who currently lives in Southern California. She is an alumna of California College of the Arts, where she obtained her B.A. in Writing and Literature. Her current work revolves around insurance guides and informational articles. She truly enjoys helping others learn more about everyday, practical matters through her work.

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent

UPDATED: Jul 16, 2021

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The Rundown

  • Life insurance guarantees your loved ones have a financial safety net if you were to pass away
  • There are a variety of options when it comes to life insurance for a married couple
  • Your spouse may become responsible for your debt if you pass away

Getting married is a big step. Ensuring your spouse is taken care of beyond ’till death do us part’ is something you should consider. Purchasing life insurance for a married couple can give peace of mind knowing the person you love will be protected financially.

The best insurance companies will have a variety of different options of life insurance for a married couple. Getting familiar with the terms can make comparing married couple’s life insurance quotes simpler.

If you need to find affordable married couple’s life insurance, enter your ZIP code now to compare quotes from various companies.

What is the average cost of life insurance for a married couple?

A married couple’s life insurance rates will vary depending on the company you decide to go with. If you go with separate policies, your age and gender will play a role in how much you end up paying.

While there is no specific married couple’s life insurance company, many major insurers offer it. Here is a look at some sample rates you will be facing when you buy a married couple’s life insurance policy for each person.

Company10-Year Term Average Monthly Rates20-Year Term Average Monthly Rates30-Year Term Average Monthly Rates
Mass MutualMale: $15.68
Female: $13.93
Male: $23.48
Female: $20.03
Male: $37.83
Female: $31.78
Lincoln NationalMale: $13.96
Female: $11.99
Male: $20.31
Female: $17.20
Male: $32.69
Female: $27.39
PrudentialMale: $30.63
Female: $23.63
Male: $33.25
Female: #27.13
Male: $35.44
Female:$31.50
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As you can see, the cost to purchase a policy for each spouse with $500,000 in coverage can fairly cheap if you buy young. The peace of mind you get when knowing your spouse is taken care of is unparalleled.

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Should we buy separate or joint married couple life insurance?

Each couple will need to make this decision for themselves. Joint life insurance for married couples can be pretty expensive. However, it is typically a whole life policy that stays in effect as long as you pay your premiums.

Many joint life insurance policies build cash value, and you tend to have more options to personalize your policy as you see fit. This would include adding things like critical illness coverage.

If you want money to go to the surviving spouse, you need to select a first-to-die joint policy.

Joint life insurance may also be written as a survivorship policy, which pays out when the second named insured passes away. This means that when the first of the two passes, no money will go to the surviving spouse.

Separate life insurance means you will both have your own policies. This provides a bit more flexibility and will typically be more affordable.

What are the different types of life insurance for married couples?

When you start to look into life insurance for married couples, you will quickly see there are a few options to choose from. Getting familiar with each type will ensure you pick the right policy to keep your loved one stable in the event of a death.

There are two main types of life insurance available to married couples.

Whole Life Insurance for Married Couples

As the name states, whole life insurance is there to cover you for your entire life. With this type of policy, your insurance company will pay your death benefit regardless of when you pass away.

A whole life policy is going to cost more money than a term life insurance policy. The added cost tends to make people shy away from a whole life policy. However, it does come with some added bonuses. Including:

  • Lifelong coverage
  • A cash value account that accumulates
  • You can borrow money against your policy

Joint life insurance policies are usually whole life. Let’s look at the next type of insurance you can choose.

Term Life Insurance for Married Couples

Term life insurance is essentially a temporary policy. You set the period of time for coverage. The premiums are typically affordable. Keep in mind that when your policy period expires, and you renew, the cost will likely increase. Comparing the different types of term life insurance can help you find the best choice for your needs.

Term life insurance for married couples can protect you during the years when you have the most financial responsibility, leaving the surviving spouse enough to recover financially.

Ready to buy a married couple’s life insurance? Enter your ZIP code now for quick quotes from various life insurance companies.

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