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2 Ways Falling in Love Changes Your Insurance Needs

Insure Your LoveFalling in love changes everything in your life, including insurance needs. That is especially true for couples who eventually marry. Once two hearts become one, insurance can help smooth out the bumps that inevitably arise in a couple’s life together.

For example, coverage can help protect the couple’s most valuable asset, the ability to earn an income. Coverage can also protect your loved one financially in the event of your death.

As Valentine’s Day approaches, here are two ways falling in love impacts your insurance coverage:

1. Protecting your sweetheart with Life Insurance

Purchasing a Life Insurance policy can ensure your loved one is provided for in the future. Properly positioned, the benefit from a Life Insurance policy can provide a steady stream of income for your family in the event of your death. There are several types of Life Insurance:

  • Term life insurance. Term Life Insurance provides death benefit coverage for a fixed rate of premium for a limited period of time. Time periods are typically 10, 15, 20, 25 and 30 years. As long as you live to the end of the term, you have the option to get your money back: guaranteed and tax free.
  • Universal Life. A type of permanent life insurance where excess premium payments above the cost of insurance is credited to the cash value of the policy. Each month the cash value is debited the cost of insurance charge and expenses, and then credited with interest. Premium payments are flexible and the policy remains in force as long as there is sufficient cash value to pay the cost of insurance and expenses.
  • Indexed Universal Life. A type of Universal Life Insurance where the earnings credited to cash value are based on a financial index such as the S&P 500 stock market index.
  • Variable Universal Life Insurance. A type of Universal Life Insurance which provides a death benefit and where the earnings credited to cash value are based on policy owner directed investments to separate accounts and can be invested in stock and bond investments with greater risk and potential growth.
  • Whole Life Insurance. A type of permanent life insurance that remains in force for the insured’s whole life and generally requires premiums to be paid every year into the policy.

Life Insurance is a necessity for many couples and families.

2. Considering Disability Insurance to protect your family in case you can’t work

Young couples may not have disability insurance at the top of their minds. You insure your home, your car and maybe other valuables. Why not insure the one thing that makes all those things possible?

Just over 1 in 4 of today’s 20 year-olds will become disabled before they retire. A sudden illness or injury can rapidly deprive even the healthiest workers of their income. For such workers, Disability Insurance can be a lifeline.