For a married couple, there is no specific right time to get the life insurance, they can purchase it as and when they want to! The life insurance for married couple will enable them to support each other financially in case one of them faces sudden demise. Younger is the age of the couple at the time of buying insurance, more will they be able to save for later. The actual value of the life insurance for husband and wife is realized in the case when they have children or when they grow older in age.
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As a couple always wants to ensure a better life for their children, the life insurance policy can act as the defense for them against any kind of financial difficulties. This kind of life insurance is especially useful at the time of higher studies or wedding or other family functions when only one of the spouses has survived to manage the expenses. By buying a policy of life insurance for married couples they can nominate their spouse and safeguard them from any financial calamities or burdens they may have to face in their absence.
This article will convince you of the reasons that why as a couple you need to invest in life insurance policies!
Reasons to buy life insurance for married couple
• You don’t want your spouse to become weak in your absence
When you are married and together, you are ready to face any kind of storm in your life! But when one of you leaves the world due to some misfortunate happening, the life for your life partner is never going to be the same. There will be emotional outbursts and financial burdens as well. If you will have children, then these obligations may take too much of toil on them. In order to rescue them from all of these troubles, you can buy life insurance for husband and wife. You can nominate each other as the beneficiary in case of sudden demise of one of you. The other one will be able to take care of your responsibilities afterward.
• Younger you are, cheaper is the cost of life insurance
If you buy life insurance policy for married couples at a young age then you will be able to pay the premium for your own comfort. Later on, when you grow old, you will have more responsibilities of family and at that time the payment of life insurance policy will be an additional burden.
• You don’t just buy a policy you are buying a lifestyle for your children
With the passage of time when we earn money we always tend to improve our lifestyle. Now in case the flow of income stops from either of the couple (in the case of their death), the whole family is going to face the lifestyle crisis. If you would have bought the best life insurance policy, then your family may continue to live their life like before without thinking about money.
What type of life insurance policies can a couple purchase?
The couples can choose from the policies offered by various insurance providing companies. However, the plans are categorized into 2 types:
Term life insurance policy for couples
This type of policy is beneficial for a couple if they want to ensure the money outflow for their partner for a particular period of time or purpose. For example, if you want that your partner should get paid in equal installments per month for at least 15 years after your death, then you can purchase a 15-year term life insurance policy.
Whole life insurance policy
This insurance policy is generally purchased for the whole lifetime of the insurer. In the case of their death, the surviving couple will get the aforesaid amount. The insurer has the right to withdraw the policy or can take the loan against life insurance for married couple at any point in time.
There are two types of joint life insurance policies for married couples
• First to die life insurance policy
Simple to understand- in this type of policy the benefit of the insurance cover goes to the partner who is surviving. For example, in a joint policy of husband and wife where “x” amount of death benefit is assured, if the wife dies first then the husband will receive the “x” amount of money. To find more, check this.
• Second to die policy
In this policy, the beneficiary is usually the third person. For example, if the wife has already died and the husband also expires, the benefit of the policy will go to the one who they must have mutually nominated earlier in their policy. Mostly the couples buy this policy to ensure the future of their children. They can utilize the money in case they lose both of their parents.
Marriage is a sacred bond of unity and we never want to imagine that one of the partners will ever be the first one to go. But to accept the reality and plan for the well-being of the family will not only be a wise decision but also will provide the strength to cope up with the situations of life.