When you’re building your life with someone else, the foundation that the two of you are laying must be protected with what life insurance for married couples provides.
Just after marriage is the perfect time to obtain life insurance or update your existing polices because it’s when you begin sharing your life, finances, and your debts with one another. Here’s an explanation of why life insurance is important after tying the knot.
Any debts left when you die would be paid out of your assets, taking out of what you pass on to your spouse, who would be on the hook for debts in any joint accounts. Your spouse may also be responsible for debts you took on after getting married, such as personal credit card balances.
Whether it be student loans, a mortgage, or you both just rack up credit card debt quickly, your family can be on the hook for a lot of different things. Life insurance can be used to make sure the past won’t come back to haunt your survivors.
A Growing Expense
The earlier you buy a policy and lock in life insurance rates, the more money you’ll save over the long run. The prices you’ll be quoted for policies will get more expensive with each passing birthday and you never know when you might develop a medical condition that could lead to higher rates when you want to buy a policy.
Since life insurance premiums increase with age, you’ll only be adding to your monthly rates if you wait and the difference really adds up over the years. Rates are locked in when your policy goes in-force, meaning that you’ll pay the same each month for the life of the policy.
You also typically have fewer financial obligations the younger you are. If you wait till you have a kid, you have those added costs to deal with, such as upgrading to a home or a bigger vehicle to handle your bundle of joy. By getting started on life insurance sooner, it’s more affordable and you have more time to build it into your budget.
Planning for the Future
A strong financial future starts with a strong foundation. You’ll have a lot of things to consider going forward and every one of them can be derailed with an untimely death. Life insurance takes that worry off the table, as it’s a great way to care about your family’s future.
Set your family up with a financial protection that will be there for decades to come with IFS Insurance. Getting started early with life insurance shows that you’re serious about getting your financial situation in order, and it can truly have a profound impact on you and your spouse going forward.
About IFS Insurance
At IFS Insurance, we specialize in protecting homeowners and renters throughout Delaware, New Jersey, Pennsylvania, and Maryland. Our quality solutions and commitment to excellence has allowed us to serve these states for over 50 years. For more information about our products, we invite you to contact us today at (800) 598-0420