Learn more about why married couples should consider life insurance, how to figure out which type of life insurance is best for couples, and some tips to find room in your budget for life insurance premiums.
Why life insurance matters for newlyweds
One in 10 people say if their households’ primary earners died, they would experience financial hardship within one week, while 44% said they’d struggle in less than six months, according to the 2022 Insurance Barometer Study by LIMRA.
Despite more couples relying on two incomes to get by, fewer are taking out life insurance policies: just 59% today versus 71% in 2011. Unfortunately, this could end up being a costly regret should the unthinkable happen.
That’s because when you get married, your financial responsibilities often intertwine with those of your spouse, creating shared obligations. Debts like mortgages, car payments, credit card debt, and even daily living expenses can burden a surviving spouse if you pass away unexpectedly. Life insurance is designed to provide financial security to your loved ones if the worst happens.
