First Comes Love, Then Comes Life Insurance

Life Insurance

First Comes Love, Then Comes Life Insurance

Life insurance is probably one of the last things on your mind when you’re planning a wedding, but it’s important to consider the responsibilities a life change like this brings. As a newlywed, you must think about your responsibilities to your spouse and make sure that they won’t face financial hardship if you pass away. The younger you are when you take out a life insurance policy, the lower the premiums and easier it is to buy. Putting it off for a few years could be a costly mistake.

The simplest way to buy a life insurance policy is to work with a qualified professional that can search several companies on your behalf. A professional advisor, knowledgeable in the many different products available to you,can make this a much easier task. If you have children and other financial obligations,you may need expert guidance about the type of policy and level of coverage that would be best for you. There is never a one policy fits all solution.

How Much Coverage Is Needed

How much life cover you need depends on various factors. You should at least have enough to pay for funeral costs and to clear any loans and debts you may leave behind. As a newlywed, you have a responsibility not to leave a financial burden for your spouse. If you have children, you probably need higher levels of life insurance to provide income protection. Ideally, you should have provision to generate a lump sum large enough to cover the future income needs of your family. Think about how many years you would need to provide an income for your children in the event of your death. When there is a mortgage involved, that also needs to be considered when determining the amount of coverage needed.

Today’s more complex family structures may mean that there are other people financially dependent on you. For example, your parents may need some financial support, and it’s important to think about what would happen to them in the vent of your death. It can be difficult to talk about these things, but it’s important to face up to them and have a conversation about life insurance and other provisions you may need to make.

Employer Sponsored Life Insurance

Your employer may offer some form of life insurance as a benefit, but don’t assume this is all you need. Take a look at the cover provided and what levels of insurance available. Life Insurance provided by work will usually have a conversion option, but it will be based on your age and risk class at the time you leave your employer, if that is an available option at all. Consider taking out additional coverage while you are at your youngest and the premiums are at their lowest. Always remember that when you change jobs, your coverage may or may not be convertible.


Contact my office today to schedule a meeting to discuss the options that are available for you.



Michael E. Pfeil
Licensed Field Agent
Family First Life
www.FamilyFirstLifeMD.com
mpfeil@familyfirstlifemd.com