Term Life Insurance For Newlyweds – Do You Really Need it?

by Jeff Rose on August 18, 2016 · 0 comments

do newlyweds need life insuranceAfter my wife and I got married, we headed down to the Riviera Maya to soak up some sun, sip on some umbrella drinks, and enjoy some time in Mexico as newlyweds.

As we were snorkeling and looking at the fish, I can tell you the last thing that I was thinking about was buying term life insurance.

But that doesn’t take away the importance of having insurance to protect you and your new spouse, but how important is it for newlyweds to purchase term life insurance?

Is it really needed if you don’t have any kids yet? Let’s take a look at some of the reasons why you would want to consider purchasing term life insurance as well as reviews of companies available if you are newlyweds.


Who works?

One of the main goals of a life insurance policy is to replace any income that is lost after the passing of a spouse. If you and your spouse BOTH work, and the surviving spouse would be able to live off of one salary alone, then you can probably skip the life insurance policy.

If only one spouse works, or both incomes are required to pay bills, then you should consider buying a life insurance policy to replace your salary if anything tragic were to happen.

Do you own a home?

After I got back from Iraq, we had purchased our first house and were very excited to be homeowners. Although we were years away from having kids, to me it made sense to purchase a $250,000 30 year term life policy on myself to make sure that if something happened to me, my wife wouldn’t be stuck trying to figure out how to pay off the house.

If you are recently married and have a home, this might be a key point for you.

If you’re still renting and own a space with a hefty mortgage, then maybe buying life insurance will be premature and you can wait until you have a mortgage payment.

Do you plan on having children soon?

When my wife and I got married, we didn’t plan on having kids for at least two to three years from our wedding day. From that thought alone, it probably didn’t make sense for us to go and buy term life insurance, but if you’re planning on having children fairly soon, then why not go ahead and take out a cheap term policy and lock in a lower rate?

Life insurance doesn’t go up that much each year, but you never know what could happen, say, a medical condition that could dramatically increase your life insurance premium.  Waiting several years to buy the life insurance plan is a gamble. Either you get end up with similar life insurance rates down the road, or you could end up with drastically higher rates.

What about your debt?

Nowadays, when couples get married, the phrase “joint finances” takes a whole new meaning when one or both spouses brings in a sizable debt load to the marriage.

Sit down and calculate all of the debt that you have and that would be left behind if one of you were to pass away. Don’t forget things like student debts, credit card bills, car payments, etc. All of the unpaid expenses can add up quickly. One of the most important things to think about is funeral expenses.

Sure, it’s not a fun conversation, but as a married couple the burden of paying for the funeral costs would go to your spouse. Discuss burial preferences and research the costs. The average funeral is $10,000, which is a difficult bill for a grieving spouse to pay for.

If you have a lot of debt and you don’t want to stick your new spouse with the bill, then purchasing enough cheap term life insurance to cover that debt is recommended.

Purchasing a Life Insurance Policy

If you’ve never purchased a life insurance policy before, it can be a scary idea. You don’t know where to start or what to look for. How do you know if you’re getting the best rates? Luckily, we are here to help! Instead of calling dozens of different insurance companies and answering the same questions a dozen different times, we can save you the time and frustration.

With a traditional term life insurance plan, the insurance company will weigh the risk that you pose to them. They will do this through basic health information, a health questionnaire, and a medical exam. After you apply for the insurance plan, the company will send a paramedic to do the exam. The medical exam will include getting your weight, taking a blood sample, getting your blood pressure, and a few more basic vitals.

If you’re looking to save money on your life insurance policy, there are a couple easy things you can do to keep more money in your pocket. The first thing to do is to shop around before you purchase a policy. Each company has different rates and different premium amounts.

Next, you should spend time focusing on your health. The better your health is, the less of a risk you are to the insurance company, which translates into lower monthly premiums. Things like quitting smoking, regular exercise, and a healthy diet can not only improve your health, but also keep hundreds of dollars in your wallet.

Factors for Newlyweds and Term Life

Most applicants are surprised to see just how affordable life insurance is, even for a newlywed couple. For a married couple, you can easily fit monthly premiums in to your budget. Life insurance is one of the most important purchases that you can make, especially as a recently married couple. You can’t put a price on the peace of mind knowing that your spouse will have the resources they need in the event of a tragedy.

As you can see, there are a lot of factors why newlyweds should consider purchasing term life insurance, but don’t worry about it while you’re on your honeymoon. In the meantime, enjoy your new spouse and the joys of marriage. When you get back and get settled in get a free life insurance quote and see just how cheap it really is.

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