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However, consider working with an independent insurance agent who can help you determine how much life insurance you need and will shop around for you to find the best policy for your needs. You can shop for life insurance policies online, including options for getting life insurance with no medical exam. If you’re buying term life insurance, look for a policy that offers the option to convert to permanent coverage “so you have the option if you want to maintain the policy after the term runs its course,” Muhammad says. Replace income during your peak working years.Cover the years until children graduate from college.Cover other specific debts, such as car loans or credit card bills.You’ll want to consider a term length and amount of coverage that can:

You can tap into the policy’s cash value while you’re alive.Ī term life insurance policy can be ideal for a young couple because it’s affordable, says Sharif Muhammad, a licensed insurance agent, certified financial planner and owner of Unlimited Financial Services.

Permanent life insurance policies include a cash value component, which accumulates on a tax-deferred basis. Permanent life insurance lasts for a lifetime and it’s more expensive than term life. When the term is over, you can usually renew the policy, but at much higher rates. Term life insurance provides a fixed cost for a certain number of years, such as 10, 15, 20 or 30 years. There are two main types of life insurance: term and permanent. A death benefit would be paid to the life insurance beneficiary-in this case your spouse- if the insured person dies, as long as the policy is in force. Separate life insurance policies for a couple would insure each person on their own policy. That means neither policyholder gets a death benefit. The payout goes to the joint policyholders’ beneficiaries.

Second-to-die joint life insurance: Also called survivorship life insurance, second-to-die life insurance pays a death benefit after the second surviving policyholder dies.

Some policies may allow you to convert to an individual policy with the same death benefit, but the new policy may have higher rates. The survivor will no longer have life insurance once they receive the payout.

First-to-die joint life insurance: When one policyholder dies, the surviving policyholder receives the death benefit.

There are two main types of joint life insurance: Joint life insurance is a life insurance policy that covers two people instead of one, but it only pays a single death benefit when one of the two individuals passes away. For example, you may be able to buy up to $100,000 in coverage for your spouse or partner, in $10,000 increments. This allows you to be named beneficiary of a life insurance policy you buy for a spouse or domestic partner at group rates. Your workplace may also offer supplemental spouse life insurance. That’s why you should get an individual life insurance policy. Also, you likely can’t keep that coverage if you leave the job. But the amount of coverage you get through a group insurance plan might not be enough. Your employer might offer supplemental life insurance as an employee benefit. Life Insurance Options for Couples Supplemental Life Insurance and Spouse Life Insurance It can also leave a legacy for those you love. It also can be used to help pay for child care and, eventually, college for any children you might have. It can pay for funeral costs, the rent or mortgage, household bills and debts. If you and your spouse count on each other’s income to support your lifestyle, you both need life insurance that will keep the other financially afloat if something happens.Ī life insurance payout can be used for anything the beneficiary wants.

That may have changed now that you’re married. When you were single, you may not have had anyone counting on you for financial support. Why Do Married Couples Need Life Insurance?īuying life insurance can prevent a surviving spouse from suffering financial hardship if their spouse passes away. Using one company for both auto and home or renters insurance usually means a good discount for “bundling.”.Ask your insurance agent about additional discounts.You’ll likely save the most money by having one policy for all your vehicles.If you both have health plans through work, figure out which one is best and have both spouses on it.Getting married is an event that allows you to switch health plans outside of the annual open enrollment window.Look into an individual disability insurance policy if necessary.Understand how much disability insurance you have through work.They are an affordable way to secure coverage.

Consider term life insurance policies.