Life Insurance for Your Newlywed Child
The wedding of your son or daughter is one of the most memorable times in a parent’s life. Often weeks or months go into the planning of their special day. And while it is customary to give the bride and groom a memorable gift, one present often not thought of enough is the gift of life insurance!
Sure, life insurance may not be the most exciting present left on the gift table. But it may just become the most valuable purchase they receive. For many newlyweds, the purchase of life insurance is not thought of until the arrival of children but obtaining coverage shortly after exchanging vows can provide a solid financial foundation for decades to come.
Why your newlywed may need life insurance:
Health changes – Purchasing life insurance often sits on the perpetual back burner. However, if a partner’s health changes for the worst, the ability to purchase life insurance may become more difficult or even not available at all.
Fulfill charitable goals – Many partners set out on their journey together with the goal of helping others. The loss of one partner may make fulfilling charitable goals difficult. Life insurance can make sure both partners see their generous objectives come to fruition.
Unsecured debts – Credit card debt can quickly pile up for newlyweds. Once married, a surviving spouse will be responsible for all joint accounts and in some states, their partner’s debt accumulated after getting married.
Mortgage payments – New couples often move into their first new home which comes along with increased mortgage debt. If two incomes are necessary to support mortgage payments, life insurance can either help the surviving spouse keep the home or buy time necessary to sell it.
Car payments – Automobile loans may be upside down, leaving a surviving spouse with more car debt than equity.
Higher expenses – Even a couple without a mortgage payment often brings on higher monthly expenses to maintain their new lifestyle. Life insurance can help the transition back into single life living.
More expensive later – Life insurance only becomes more expensive as we get older. Purchasing a policy now can lock in premiums for decades to come.
End of life costs – The cost of an average funeral today commonly exceeds $10,000. Life insurance can provide time for the surviving spouse to grieve instead of worrying about end-of-life costs.
Term insurance is an inexpensive way to provide substantial financial protection for a newlywed couple. Consider purchasing at least 10x’s the income of the individual to be insured. And let them know you care about their financial health today and in the future.