While you’re still single, you might have a life insurance policy that is tailored to your independent lifestyle. However, once you feel like you have found your soulmate, it isn’t surprising if wedding bells are in your near future. Whether you and your long-term partner have decided to get married or you are thinking about engagement after a brief courtship, here is how marriage affects life insurance.
Life insurance is a useful form of protection that everyone can benefit from, not just married couples. It’s important to note that it will mainly help your dependents if the worst should happen. Parents, even younger parents, need comprehensive insurance policies. After all, your children stand to gain the most from your plan. However, your dependents can also be siblings, relatives, or parents so that all the bills can be paid for, even in your absence.
It’s possible that you’ve never needed to have life insurance before. Even so, your new spouse might enter the union without a life insurance policy of their own. The policy can help protect the partner who doesn’t work full time or stays home for one reason or another. A new life insurance policy benefits one-income households, but it also pays dividends for two or three-income households, depending on what that difference is.
If You Both Work
Life insurance can still be helpful even in a household that has multiple incomes. Even full-time jobs aren’t guaranteed to be high-paying positions, and even if that household doesn’t include children, other dependents and financial situations can induce hardships due to crushing debts and small savings
Choosing a New Policy
Depending on your specific needs, it could be time to select a new policy. Whether you’ve recently gotten married, or have been married for several years already, it’s worth it to weigh all of your options. Two common choices are term life insurance or whole life insurance. Term policies can cover you for a predetermined number of years, while whole policies can extend for as long as you will need them.
Get in Touch with Wachter Insurance
Whether you need homeowners’ insurance or auto insurance, our team at Wachter Insurance Agency, Inc. is here to help. We offer our clients competitive rates, professional customer service, and a wide range of policies to choose from for your needs. We have been serving Maryland, West Virginia, Virginia, Pennsylvania, and the District of Columbia since 1969 and we would love to help keep your home and family safe every day of the year. For more information, call us at (301) 371-6335 or visit us online. For more blogs like these, follow us on Facebook, Google+, Twitter, and Pinterest.