As newlyweds, one of the last things that you probably want to think about as a couple is one or both of you dying. This is especially true if you are still young adults. However, it is better to start shopping for life insurance now rather than later, even though it might seem like a total fun-kill after the excitement of your wedding and honeymoon. The following are a few reasons why you should consider shopping for life insurance now.
1. Ensure Your New Spouse Will Be Cared For
As newlyweds who might be relatively fresh in your careers, there's a chance that neither you nor your spouse could pay the bills and maintain the same quality of life if the other passed away. Nowadays, it often takes two incomes to "get by," and if one of you passes away prematurely, the other spouse could be left in a tough situation. Life insurance helps ensure that the surviving spouse will have financial assistance in the event of an untimely death, and this money can be used to cover things like the mortgage and other expenses. Plus, if the two of you are planning on having children, having a life insurance policy in place can help ensure that they are taken care of if one of you passes away as well.
2. Pay for the Funeral
Not only do you have to worry about how your spouse will take care of himself or herself without you if you pass away, but you have to worry about a more immediate after-death concern as well -- the cost of a funeral. Funerals cost about $6,000 on average, and you can even expect an additional $3,000 for cemetery services. A lot of newlyweds just don't have this kind of cash on hand, but a life insurance policy can help prevent this burden from falling on a grieving spouse.
3. Get Lower Rates
There is never a better time to shop for life insurance than when you are young. The truth is, insurance companies look at things like age when they offer rates. If you buy a policy while the two of you are young, however, you can lock in a lower rate than if you purchased when you were older. With many policies, you will be able to enjoy these rates for the rest of the policy, even as you get older. This can allow you to purchase more coverage for the same price or to stick within your newlywed budget while still having coverage.
Even though you might not want to think about it as newlyweds, now is the time to look into life insurance policies for both of you.