Among 25- to 34-year-olds, only 36 percent have life insurance that they’ve purchased on their own.1 But after saying “I do”, the reasons to get life insurance grow exponentially. Here are five of those reasons.
1 2016 Amica Life Financial Peace of Mind Survey, 2016.
1. You Have Competing Financial Obligations
Many Americans struggled to manage sizable debt – everything from student loans and credit cards to mortgages. If you and your spouse are weighed down by one or more of these obligations, a life insurance policy can help the surviving spouse pay them off.
2. You’re the Breadwinner
If you work full time and your spouse doesn’t, his or her lifestyle could be compromised if something happens to you. A life insurance policy can help supplement that lost income and provide financial relief for your spouse.
3. You’re Young and Healthy
With life insurance, the younger you are, the less expensive it can be. Purchasing a policy now can save you and your spouse money and help ensure you won’t pay more as you age or as your health declines.
4. You or Your Spouse Brings Children to the Marriage
If your new family includes children, it’s even more important to have a financial backup plan. Loss of an income can be detrimental to long-term savings goals and day-to-day expenses. A life insurance policy can help protect your plans for their future.
5. You Have Dependents Who Aren’t Your Children
If you or your spouse have parents or siblings who are financially dependent on your income, having a life insurance policy can help provide financial support for them in the event of your passing.
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Whether you are planning for your wedding or recently married, it’s time to seriously consider life insurance for the two of you. For more, watch “The need for life insurance: Getting married.”
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