Life Insurance Advice for Couples
When you and your spouse made the decision to get married, you chose to share everything about your life with one another: your feelings, your living space and also your finances. The plan is not to do this only for the next couple of years – but for the rest of your lives.
That’s why it’s important to prepare for the future. One way to do this is by taking out a life insurance policy. If you’ve never done that before and you’d like some tips on how to get the best kind at the most affordable rates, here are three tips to help you get a great policy – one that will provide you with plenty of peace of mind.
Look for affordable term life insurance.¬†One thing to remember about married life is that it’s full of financial obligations. When you first get married, you’re usually focused on paying off your wedding and finding an affordable place to stay. Then as you’re building your careers, you start to think about establishing savings and retirement accounts. Then before you know it, a little one comes along. So, when it comes to finding the kind of life insurance that will fit well with your budget, it’s usually best to get term life insurance. Just about any life insurance agent will tell you that it’s the most affordable option. Plus, being that you are able to purchase it for a set amount of years, it’s an ideal choice if you have kids or a mortgage to pay for.
Know how much to buy.¬†Say that you decide to reach out to a life insurance company and after talking to them, they recommend that you get a¬†joint life insurance¬†policy (which is usually recommended for married couples). One of the things that you should ask them is how much you should expect to buy. There’s a pretty good chance that they will tell you to purchase somewhere between 8-10 times your yearly income. Another way to look at it is if you happen to make around $50,000 annually, you should get a policy that is between $400,000-500,000. That way, should you pass on, your spouse will be able to replace your lost income with the coverage that the policy provides.
Research several companies.¬†Although term life insurance is affordable, there are other options to choice from. So, whether you’ve chosen¬†SelectQuote term life insurance¬†or whole life insurance, before committing to a particular company, make sure that you spend a significant amount of time researching the different ones that are out on the market. That way, you can find one that has a policy that works well within your budget. In fact, if you already have home, car or renter’s insurance, the first place that you should look concerning life insurance is the company that has provided you with coverage that you already have in other areas. Oftentimes, they are willing to offer you a great deal if you are willing to bundle your policies. For more information on how to find life insurance at a good price, visit GetRichSlowly.org and put “tips for purchasing life insurance” in the search field.