The ring, the wedding dress, the guests, a venue… a lot of planning goes into making your special day memorable. However, there is one more thing that you should add to your premarital to-do list – purchase a life insurance policy for you and your soon-to-be spouse.
You’re getting married to create a future with the one you love, so the last thing you would want to do is think about losing that person. However, life insurance is a way to make sure you and your spouse would be financially secure if either one lost the other. So, although it might not be a very romantic thing to do, searching for and purchasing the right life insurance policy should be near the top of your to-do list before you head off on your honeymoon.
I was reading a study by the Life Insurance and Market Research Association (LIMRA) that, states that love, among many factors, is the biggest reason why individuals purchase life insurance. Since June is the most popular month for weddings, I thought of some helpful tips for newlyweds. And, if you’re among the 40% of Americans that do not have life insurance due to debt, other priorities, retirement savings, and/or other reasons, this advice will also work for you
Here are the top three things you should know when considering life insurance:
- Know the basics: All life insurance policies fall under three main categories: term, universal life and whole life. It is important that you understand each, so you can choose the best that suits you and your spouse’s needs:
- Term insurance provides coverage at a fixed rate of payments for a limited period of time (10 – 30 years). If a person dies during the term, the death benefit will be paid to one’s beneficiary. The pro -term insurance is the least expensive way to purchase a substantial death benefit. However, if the person’s term ends while they are still alive, coverage at the previous premium is no longer guaranteed and that person may need to obtain further coverage with significantly different payments or conditions.
- Universal Life Insurance is a type of permanent life insurance. It includes both cash value and a death benefit. The policy can be changed over time, to meet the evolving needs of policyholders. For example, insured persons who qualify can opt to increase their death benefit (for additional premium). It’s also possible to make policy changes that result in premium reductions. Many Universal life insurance policies today include a no-lapse provision, which prevents the policy from lapsing even if the cash value portion of the policy disappears due to poor investments or higher than expected insurance costs.
- Whole life insurance is also a type of permanent life insurance policy that offers consumers coverage with a guaranteed death benefit, while providing a means of saving money to cover future expenditures, such as college tuition for your children. As you pay in premiums, the policy will accrue cash value, which you’ll be able to cash in as you see fit, within the terms and conditions of your policy. Unlike term insurance, the person’s policy will never stop (unless one chooses to do so) and will remain in force without having to negotiate continued coverage.
- Shop around– Just as you would if you were looking to buy a car or house, make sure you shop around before purchasing a life insurance policy. Fortunately for you, LifeInsure.com is the ultimate source for you to compare quotes from the top insurance companies and purchase policies quickly, so you have more time to plan the wedding or relax on the honeymoon. We’ve done the legwork for you and offer the largest database of top-rated insurance policies at the lowest rates.
- Protect your privacy– I understand that one of the reasons why people do not like to go online for quotes is because they are asked to submit their personal information. In fact, while shopping around for quotes, you should never give out your personal contact information such as home address, email address, phone number, etc. There are many life insurance lead-generation sites that sell your information to multiple agents and brokers. This method will not save you the time you need to prepare your wedding – you’ll be fielding phone calls and emails from 8 -10 different life insurance brokers.At LifeInsure.com we do not require any personal information to access the full database of quotes for term life, universal life or return of premium term life insurance. Our life insurance rates database can be searched anonymously (while most online life insurance websites require personal information). Only when you decide to apply for a policy will your information be required.
**In addition to the above information, non-profit organization LIFE is an excellent source for more details and can be found at http://www.lifehappens.org
At LifeInsure.com, we want to help save you time and frustration (not to mention money) by providing hassle-free access to quotes and the ability to compare policies across a full database. Through my experience working with a number of couples, I have learned that more than 30% of those married or living with someone wishes that their partner would purchase or increase their life insurance coverage.
So don’t procrastinate. The last thing your spouse needs is a financial burden on top of the emotional grief of losing you. Making sure that your spouse is financially secure if tragedy strikes is one of the most unselfish things you can do. And, after all, isn’t that what love is all about?