Marriage brings excitement, change, and plenty of new responsibilities. While you’re enjoying life after the wedding and maybe even settling into a new home or routine, it’s also the perfect time to think about long-term financial security. One key part of that plan is life insurance—something many newlyweds overlook at first.
Here are five common questions couples often have when considering life insurance together.
How much coverage do we actually need?
The right amount of life insurance varies for every couple. Start by adding up financial obligations such as a mortgage, car loans, credit card balances, or student debt. Next, consider how much of your income your spouse relies on to cover everyday living expenses. Finally, think about long-term goals—like saving for retirement or future children’s education. Combining these numbers will give you a clearer idea of the level of protection that makes sense.
Which type of policy is best for us?
Life insurance generally falls into two main categories: term and permanent. Term insurance is more affordable and lasts for a set period—often 10, 20, or 30 years. Permanent insurance, on the other hand, lasts a lifetime and builds cash value over time, though it comes with higher premiums. Newlyweds on a budget often start with term coverage, while others choose permanent policies for the added financial planning benefits.
Do we really need life insurance if we don’t have kids?
It’s a common assumption that life insurance is only necessary for parents. In reality, even couples without children may benefit from it. A policy can help your spouse cover shared debts, replace lost income, or pay for final expenses. If you’re planning to start a family later, securing coverage now could also lock in lower rates while you’re younger and healthy.
Is life insurance affordable on our budget?
Many couples are surprised to learn that life insurance can cost far less than they expect. In fact, younger adults often qualify for very low premiums. If a million-dollar policy feels overwhelming, you can start smaller and adjust coverage as your financial situation improves. Having some protection in place is far better than none at all.
What’s the real purpose of life insurance?
At its core, life insurance is about protecting your partner from financial hardship if the unexpected happens. Beyond covering daily expenses and debt, it can also serve as part of a broader financial strategy. Certain policies may include benefits like cash value growth, critical illness coverage, or even long-term care support.
Final Thoughts
Being newly married is an exciting season, but it’s also a smart time to plan ahead. Life insurance isn’t just about money—it’s about providing peace of mind and showing your commitment to your spouse’s well-being. Taking the time now to explore your options with a trusted advisor can help ensure that both of you are protected, no matter what the future brings.
