Term life insurance is a policy that provides coverage for a specified period. It is designed to provide financial protection for married couples if one or both spouses die. This insurance policy pays out a lump sum to the surviving spouse or named beneficiary if the insured person dies during the coverage period. It can help ensure that the surviving spouse or family members can pay off debts, cover daily expenses, and maintain their standard of living even after the loss of income due to the death of a spouse.
When you and your spouse are newlyweds, your future together seems like an endless expanse of joy and opportunity. Every day is bliss! However, marriage brings some uncomfortable conversations, too. Questions like where to live, what to save money for, when to start a family, and what happens if one of you becomes incapacitated arise, which are not easy to address. If you and your spouse avoid these topics, know you're not alone.
According to a survey, 44% of respondents found discussing personal finances challenging, with conversations about death coming in second at 38%. Although, understandably, a term life insurance policy might be the last thing on your mind as a newlywed couple, it shouldn't be. A term life insurance policy can be an affordable way to help establish a foundation for your family's financial future.
If you're unsure of a term life insurance policy, here's a brief overview: A term life insurance policy covers the policyholder for a certain period, or “term.” With term life insurance, you can ensure your loved ones receive financial support if you pass away. These policies generally have low monthly payments, making them one of the most affordable ways to achieve financial peace of mind.
Why buy life insurance as a married couple?
1. Term life insurance is an act of love.
Term life insurance is an essential investment for married couples as it offers a dual benefit. Not only does it acknowledge the realities of life, but it is also a way to demonstrate a long-lasting commitment to one's partner. Term life insurance is a crucial component of any financial plan as it helps each partner meet their responsibility towards the other's financial security.
A term life policy can help you keep your vows, even after death.
2. Term life insurance can be affordable for married couples.
Term life insurance is generally affordable, although rates can vary depending on several factors. By cutting back on small expenses, such as buying a fancy cup of coffee every morning, you can free up funds to pay for your policy.
It's common for people to overestimate the cost of term life insurance by as much as seven times the actual amount. Direct Auto Insurance offers a life insurance policy for less than 75 cents a day*!
Even in situations where divorce is involved, a term life policy could still be affordable, and in some cases, it's critical, especially when children are involved.
3. Extra-term life insurance can serve married couples well.
Life insurance coverage provided by an employer is a fortunate benefit; however, it may not always be sufficient to cater to the growing needs of a family. It is essential to review the coverage and consider supplemental insurance.
Direct Auto Insurance offers term life insurance policies tailored to meet the individual needs of a person and their partner. These policies provide 6-12 months coverage with a maximum range of $25,000. Additionally, it is possible to insure other family members, including adult children. The renewal rate is guaranteed for two years, regardless of a person's health condition.
