Why Do Married Couples Need Life Insurance?

young african american married couple walking through door of house

When you are younger, life insurance often seems like a dubious investment. After all, when you’re young and single, there isn’t likely to be anyone in your life who would need an insurance payout in the event of your death. 

When you get married, though, the math on this changes very quickly. If you were to die unexpectedly, then you would leave behind a spouse and perhaps children who might be financially dependent on you. 

Despite this, many married couples don’t really think about whether they need life insurance or not. Keep reading to discover why every married couple needs the protection that life insurance offers. 

How Does Life Insurance Work? 

On the most basic level, life insurance simply pays out money when you die. You can name a beneficiary and they will receive a payout if you pass away while covered by life insurance. 

There are different kinds of life insurance, including those that cover you for your entire life and term coverage in which you are protected for a certain period of time. Generally speaking, you can get better prices and a better payout with term life insurance

Now that you know a bit more about how life insurance works, let’s dive into how it can benefit a married couple. 

How Life Insurance Can Help with Debt 

It’s not very romantic, but a somewhat humorous and true descriptor of marriage is “shared debt.” Couples are able to pool their resources and make big purchases, like family cars. Additionally, each partner likely still has their own credit cards they use to finance larger purchases. 

However, when one partner dies, their debt may pass onto the other partner. This can be devastating for the surviving partner because their income has been cut in half, but they are expected to still make payments on all the cars, credit cards, and other debts. 

With life insurance, though, you can rest assured those debts will be paid when you are gone. In fact, you can take out a policy that provides exactly enough coverage, giving you and your spouse some serious peace of mind. 

Keeping the House after the Death of a Spouse 

In marriage, there are debts and then there are the “capital D” Debts. And the biggest debt most couples ever take on is buying a house. 

Unfortunately, this debt works like the other debts we outlined above. The lender may express condolences and note how “tragic” it is when one partner passes away. But that won’t stop them from seeking that mortgage payment every month. 

We often talk about “losing the house” as slang for extreme financial losses. But if you or your partner should die, then the survivor is very likely to lose the house because they cannot afford the mortgage on their own. But with life insurance, you can protect the investment and help to protect your surviving partner’s way of life. 

Maintaining Lifestyle 

Speaking of you and your partner’s way of life, chances are that the two of you have built a very comfortable lifestyle for yourselves. But if one partner unexpectedly dies, it can shatter that lifestyle entirely. 

You have probably seen this happen to at least one surviving spouse over the course of your life. These are the ones who are forced to sell the house, sell the cars, and maybe even move back in with their parents or other family members until they can get back on their feet. 

With life insurance coverage, though, you can keep that from happening. By taking out a policy with the right payout, you can ensure that your own death won’t disrupt your partner’s lifestyle. If you have any children, it also helps protect the lifestyle they are used to, which is especially important at a young and formative age. 

Life Insurance Can Provide Financial Security for Your Children 

When it comes to finances, most married couples are in agreement on one thing: They aren’t worried about their own future so much as the future for their children. 

For example, it would be a burden if you pass away and your partner has to move in with his or her parents or into a smaller house or rental. But it is something your partner could probably bear in the event of your death. 

What can be unbearable, though, is if the two of you have been saving money for something like your child’s college fund and then those savings are needed to pay off other debts. And just like that, your child’s college fund could be gone. 

This can have a major impact on your child’s future. But you can preserve that future and provide better financial security to your children by taking out the right life insurance policy today. 

young mom talking with child

Life Insurance: It Will Never Be More Affordable Than Today 

If you and your partner have been on the fence about life insurance, it’s probably because you’re worried about the cost. But here is a surprising fact about life insurance coverage: it will never be cheaper for you and your partner than now. 

That’s because when you take out a policy, the life insurance carrier looks at factors that include your age and overall health. And the rates are going to be cheaper when you and your spouse are younger and in good health. 

And if you really want to save money on your coverage, you can take out a term life insurance policy when you are younger and “lock-in” a low rate for up to three decades. This lets you get the coverage your family needs at a price you can handle. 

Get the Best Life Insurance for Couples Today 

Now you know why life insurance is so important for married couples. But do you know where you can get the best life insurance for you and your spouse? 

At InsureOne, we are always ready for you to get a quote online. Alternatively, you can grab the phone and give us a quick call at 800-836-2240. Finally, feel free to come into one of our convenient nearby offices at your earliest convenience!