Getting Married This Summer? Here’s a Move You May Want to Make Soon After

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Tying the knot? Read on to see what financial move is key. 

Summer is a popular time to get married, and if your big day is coming up, you may be growing increasingly excited about it by the minute. But once you get married, it’s a good idea to sit down with your spouse and check some key financial matters off your list.

You may, for example, decide to combine your savings into a single savings account you manage jointly. You might also decide to buy a home or take on other debts together. And if you’re going to do that, it’s also really important that you and your spouse put life insurance policies in place.

Why married couples need life insurance

You and your spouse might each have a job that pays you well so that if one of you were to pass away, the other would still be earning an income. But even so, there’s a good chance you’ll rely on each financially to some degree, so buying life insurance is a good way to help one another avoid financial heartache on top of emotional heartache in the event of someone’s untimely passing.

Furthermore, it’s common for married couples to take on debts jointly. Let’s say you’re buying a house. It may be that with both of your salaries, you’re able to swing your monthly mortgage payments quite easily. But if you were to lose one salary, those bills might be difficult to manage on a single income alone. Life insurance could come in very handy in a situation like that, especially if you buy a policy with a large enough benefit to pay off your mortgage balance in full.

An expense that’s more affordable than you might think

You may be hesitant to take on the expense of life insurance shortly after getting married — especially if you’re paying off various bills related to your wedding. But you may be surprised at how inexpensive it is to put life insurance in place, especially if you apply at a fairly young age.

Financial guru Dave Ramsey says that a 30-year-old man will pay an average of just $54 a month for a 20-year term life insurance policy with a benefit of $1 million. A 30-year-old woman will pay even less — just $43 a month for a policy with the same length and payout.

Of course, the amount you end up paying for life insurance will hinge on different factors, including the state of your health. But if you’re in relatively good health, then you may find that life insurance isn’t unbearably expensive at all.

Getting married is a big deal. You’re combining your life with someone else’s and are committing to a lifetime together. And hopefully, you’ll get many, many years to enjoy one another’s company.

But unfortunately, you never know when the unthinkable might happen. By putting life insurance in place, you’ll be protecting one another in case the worst occurs. And while getting life insurance is something you and your new spouse should do for each other, individually, you’ll each gain peace of mind to boot.

Our picks for best life insurance companies

Life insurance is essential if you have people depending on you. We’ve combed through the options and developed a best-in-class list for life insurance coverage. This guide will help you find the best life insurance companies and the right type of policy for your needs. Read our free review today.

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