Congratulations! You’re getting married. Now comes the fun part: Finding a venue, choosing a date, deciding who to invite (and who not to), picking out a menu, surveying your friends and families for food restrictions or allergies, selecting a DJ (or maybe a live band?), getting a marriage license, deciding who’s in your wedding party (and navigating any associated drama), planning the ceremony… and thinking, maybe, just maybe, it’d be faster and easier to just elope.
So we get it. Marriage is an overwhelming (and, we hope, overwhelmingly happy) occasion. And while we hate to add to your to-do list, we can’t help but suggest that there is one wedding gift you can provide your partner that’s both an enormous gesture and surprisingly quick and easy to take care of: Getting a life insurance policy.
On the off-chance that’s somehow not already on your wedding to-do list, let us explain why life insurance for newlyweds definitely should be.
What is life insurance and who needs it?
Life insurance is a smart and practical way to safeguard your love story. It helps provide financial protection for your partner if the unexpected happens. The death benefit from a life insurance policy can help your spouse cover things like debts, mortgages, or other financial obligations — including end-of-life expenses, like a funeral and burial costs — in the event of your untimely passing.
Whether you’re a single-income household with a stay-at-home partner or a dual-income family, life insurance is beneficial for both partners in the marriage. The death of one partner could burden the surviving spouse with too many commitments — whether they’re related to money, caregiving responsibilities, or household management.
When each person in a married couple gets life insurance, they enjoy a financial support system that would not render either surviving partner helpless.
How does term life insurance work?
Term life insurance protects you and your spouse for a set period of time — usually 10, 15, 20, 25, or 30 years. Let’s say you’ve purchased a 30-year term life insurance policy. If something happens to you during that 30-year term length, the insurer pays a lump sum, called the death benefit, to your beneficiaries.
The death benefit is usually paid as a lump sum to the beneficiary and is free of taxes. To get this benefit, you pay regular premiums during the policy term to maintain coverage.
Term life insurance is usually more affordable than other types of life insurance because it focuses solely on providing coverage for a specific time frame. You can pay for the exact amount of protection you need and no more. It’s affordable, straightforward, and gives you peace of mind.
7 reasons why life insurance is the best wedding gift for your new spouse
When you marry your partner, you promise to stay by their side for better and worse, in sickness and health, and for richer and poorer. Life insurance is a tool that helps you keep those promises.
Here are the top reasons buying life insurance is a thoughtful and practical gift for your future spouse.
1. Financial protection
Life is full of uncertainties, and there’s no guarantee of what’s around the corner. While we all wish to live a long, healthy, and happy life with our partner, it pays to be prepared for the worst.
The death of a spouse is emotionally devastating for the surviving partner and may impact their ability to maintain financial stability on their own. It also becomes overwhelming for your spouse if your marriage has expanded into a family.
A term life insurance policy is a form of financial planning, and, should you die, it can provide your future spouse with funds to pay off debts, meet day-to-day expenses, maintain their lifestyle, and achieve long-term financial goals for themselves and your children — if you have or plan to have any.
2. Income replacement
You and your partner are a fantastic team, each bringing unique strengths to the relationship. Whether you work inside or outside the home, your contributions are valuable and need protection.
With life insurance, you can make sure that your income is replaced during unforeseen situations, or that your partner has the financial means to pay for the jobs you perform at home.
3. Debt settlement
In total, Americans owe $17 trillion in debt, according to the New York Fed. (This includes mortgages, student loans, auto loans, credit card debt, and other types of debt.). Life insurance can help in such scenarios. Your spouse can use insurance proceeds to pay off your family’s outstanding debts.
4. Funeral expenses
The National Funeral Directors Association states that the median cost of funerals in 2021 was around $8,000. Purchasing a term life insurance policy with adequate coverage during your marriage helps cover your funeral expenses in case of unfortunate events.
5. Peace of mind
Knowing that you’ve secured your loved one’s future against all contingencies can give you both immense peace of mind — even if you outlive your policy, that’s a worthwhile benefit while you’re still living.
The cost of life insurance tends to increase with age, and you enjoy lower premiums when you are young and healthy. Purchasing life insurance early on in your marriage allows you to lock in more affordable rates because most life insurance policies offer level term premiums — that is, you’ll pay the same monthly life insurance rate at the beginning of your coverage as you will decades later. Consider it a gift to your future self.
7. A lasting token of love and responsibility
Finally, getting life insurance as a wedding gift is the ultimate gesture of love, care, and accountability. It demonstrates your commitment to the relationship and shows that you have taken proactive steps to secure your partner’s future. It’s, dare we say, romantic. (But maybe don’t skip the flowers, either.)
Support your new spouse with Haven Life
At Haven Life, we aim to make life less hard by offering term life insurance you can apply for online, with policies issued by MassMutual or its subsidiary, C.M. Life.
Start by getting a free online life insurance quote today.