Your Wedding Is Set, But You Forgot to Buy One Thing…

 

advice-for-nelyweds

The wedding is set,  honeymoon is booked, and you are ready to being a new life with your one and only. However,  you only forgot to get one thing… Life Insurance.

I know it may not be in your wedding plans, but life insurance should be one of your first purchases as newlywed couple. According to LifeHappens.org , 70% of households would be financially challenged if their primary earner dies, 30% of those households indicated that they would have trouble funding everyday living expenses after several months,  and 40% of those households would immediately have trouble  funding such expenses.

Those are some eye-opening statistics. If you do not want to leave your new spouse in a challenging position if you something were to happen, you need life insurance. Before you go out and purchase your first your policy, here are three things you should know.

  1. Figure out your financial situation

For most newlyweds, it will be the first time you’ll share financial responsibilities with somebody else.  Making sure you have your finances in order not only helps you make smart money choices, but it also helps you determine how much life insurance you will both need.  Consider your incomes, debt you may have,  and everyday expenses.

  1. Protect your insurability

You are not getting any younger or healthier. The sooner you get life insurance, the better your rates will be.  Also depending on the policy you purchase, you will be able to convert it in the future to another life product when your needs change (e.g. having children, new job, buying a home, etc.) using your health from the original policy, saving money.

  1. Find a knowledgeable, trustworthy life insurance agent

The need for life insurance will change as we progress in age and life situations (e.g. having children, new jobs, retirement, grandchildren).  During all of these changes, your life insurance agent should be with you every step of the way to help make sure your family is protected properly.

Hopefully these tips will help you when you and your new spouse purchase a life insurance policy that fits your needs. If you would a free life insurance review, please feel free to call me at 304-292-9645 or email me at gwolfe@insurance.com.