Life insurance: Your first post-wedding decision
Congratulations! You've just tied the knot and are starting a new chapter in your life with your partner. Amid the excitement and new experiences, one crucial decision you should make together is investing in life insurance for the recently married.
Here are five reasons you should invest in life insurance after getting married.
Secure your financial future
Marriage often means extra responsibilities. Whether it's a mortgage, car payments or other debts, life insurance for married couples ensures your spouse isn't left struggling to cover these costs alone if something happens to you.
According to Statistics Canada, more families in Canada are becoming dependent on dual incomes and losing that one source can be difficult. Your life insurance policy can help with income replacement if something were to happen. The death benefit can help your partner manage daily expenses and long-term financial goals, such as saving for your children's education or retirement.
Your expenses are increasing
We all know that expenses are rising across various sectors in today's economic landscape, including housing, daily costs and education.
Life insurance coverage acts as a financial buffer against these escalating costs. Whether it covers mortgage payments, childcare expenses or other essential bills, life insurance ensures your family can maintain its stability and lifestyle despite economic challenges.
Debt coverage
Newlyweds often have shared debt, from student loans to home mortgages. Without life insurance, these debts could become an overwhelming burden for the surviving spouse.
The amount of coverage you need depends on your current debt. You may need different coverage amounts depending on how much debt you have.
Life insurance can help pay off these obligations, freeing your spouse from the stress of debt during this challenging time.
Want children in the future
Planning for children is an exciting part of married life, and life insurance becomes even more critical as you expand your family.
Life insurance provides a safety net to help ensure your children are well provided for in case something happens to you or your partner. This coverage can help with the costs of childcare, extracurricular activities, and future education, allowing your children to follow your dreams and ambitions.
Estate planning
Life insurance can play a crucial role in estate planning for newly married couples. Beyond receiving the death benefit, estate planning can ensure that your assets are divided correctly and that your loved ones are provided for according to your wishes after you're gone.
It involves creating wills, establishing trusts, and designating beneficiaries to ensure a smooth transfer of assets and minimize tax liabilities. Proper estate planning can offer peace of mind, knowing that your family's financial future is secure, even in your absence.
Additionally, your coverage can help with funeral costs so that your partner does not need to worry about these costs during this time.
Get CAA Life Insurance now
Getting life insurance can help provide your new family with financial security. There are several different types of life insurance. Term life insurance is a popular choice for its affordability and simplicity. It covers a specific period, like 10, 20, 30 or 100 years. It helps ensure your loved ones are financially protected if the unexpected happens.
If you want a more permanent plan, you can get permanent life insurance, which provides lifetime coverage with built-in cash value for financial flexibility.
Take the first step to help secure your family's future – book an appointment today to speak with a knowledgeable and licensed CAA Protect advisor or call 1-800-709-5809.