Marriage is an exciting phase in one's life. You plan not for one life, but two or more. You take the responsibility for another life along with your own that makes your planning all the more exciting. All your economic decisions are made with a joint financial future into consideration.
Points that need considerations for Life Insurance
- Your marriage brings in another person in your life who may be dependent on you for your income as well as services. Even if both of you work outside, it may be that you make choices in some purchases that represents your total joint income and efforts. It may be difficult for one of the spouses to afford if the other spouse has no contribution to it.
- If you have a child or adopt one, there will be a rise of contribution due to childcare expenses. These include coverage for babysitter, nurse, maid, chauffeur and tutor, in the event of death of the primary caregiver. These expenses should be included in your life insurance plan.
- As you start your marital life, you also need to begin planning for a comfortable joint retirement. At this time, one needs a whole life insurance policy as a comprehensive investment plan for securing the future of the family. It certain does pay to start early with something small and accumulate over time, instead of beginning to save and invest near to retirement. You can use whole life insurance as a source of emergency loans with low-interest in the future.
- Your life insurance policy can be used to cover the typical debt that are incurred by married couples like mortgage loans, a car loan, or furniture purchases through the use of credit cards. In the event of death of any spouse, the other partner can meet the debt loan using term insurance and won't lose investment of the family. One must know that term insurance is comparatively inexpensive and one can drop it when not needed.
If an adequate insurance is present on both spouses, the pressure on the new family lessens to a great extent. You may open an emergency savings account as well as an investment plan. But these types of funds take time to grow. As you start a new life together, the idea of having enough savings to survive economically through one's life insurance is a wonderful gift to offer to each other. However, make sure to review your insurance often, to make sure that your changing family needs are covered well.