Life insurance for you and your better half
Marriage can be quite the adventure. Whether you are newlyweds or celebrating your 25th anniversary, try to spend a moment thinking about your insurance needs as a couple. At a time when all your other plans seem to take precedence, it’s important to remember that buying life insurance can help lead to financial security. It may also cost less than you think.
Things to think about as a married couple for your insurance needs:
- How would your partner manage financially if you were to pass away?
- Would your significant other be able to maintain what you’ve achieved and planned for together?
- Would there be enough money to pay off debts, cover funeral costs and daily living expenses?
Here are a few things you should know:
How much does life insurance cost?
The cost of a life insurance policy depends on factors like your age, sex, smoker status, medical history, and lifestyle. The type of insurance selected, as well as the coverage amount will also impact the cost.
For example, at TD Insurance a healthy 30-year-old male could get $250,000 term life insurance coverage for a 10-year term for as little as $18 per month. A healthy 30-year-old female could get the same coverage for about $14 per month. Generally, life insurance for women costs less because they have a longer average life span than men.
You should think about how much coverage your spouse would need if you were to pass away. And your significant other should gauge how much coverage you may need in the event they were gone. Each of you would then purchase a policy to help financially safeguard each other against any such eventuality.
Why should married couples and newlyweds consider life insurance?
You may think that you don’t need life insurance, especially if you’re not planning to have children or don’t have any yet. But there are other factors to consider. You could provide your spouse or partner with a financial resource that could help cover their cost of living should you pass away. If you have children, a life insurance policy can help maintain their standard of living.
And since it can cover multiple situations, here are some examples where third-party liability will kick in:
When is the best time for married couples and newlyweds to get life insurance?
The best time to get life insurance depends on each couple's circumstances. However, your age may make getting life insurance earlier an attractive option. Buying life insurance can be less expensive when you’re younger.
Getting older increases the risk of passing away — and premiums are higher to account for this. A life insurance policy can help provide financial security to your partner. Waiting to get life insurance could mean your loved ones may not be financially protected should you pass away
What life insurance plans does TD Insurance offer couples?
To better prepare for the road ahead as a couple, you may want to consider the various term life insurance products we offer:
Term Life Insurance
– This type of insurance offers coverage for a specified length of time.
10-Year Term Life
May be best suited for married couples and newlyweds who have shorter-term financial responsibilities like car loans or student loan payments. Premiums are guaranteed and do not change for each 10-year period. The plan automatically renews at the end of each term and expires when you turn 80. When the plan renews, the premiums increase based on your age at the time.
20-Year Term Life
Married couples and newlyweds may want to choose a 20-year term because they have a good idea of what the next 20 years will look like. They may have young children, or a new mortgage. Premiums are guaranteed and do not change for each 20-year period. The plan automatically renews at the end of each term and expires when you turn 80. When the plan renews, the premiums increase based on your age at the time.
Permanent Life Insurance
– This type of coverage lasts for your lifetime.
Term to 100 Life
Married couples and newlyweds choose Term-100 because they want lifetime coverage at a fixed cost. Plus, there's nothing to renew as the plan does not expire and the premiums are guaranteed not to change. Once each person reaches the age of 100, premiums stop but coverage continues the insured person passes away.
How much insurance might a couple need?
The amount of life insurance you need depends on your unique situation. To find the right amount of life insurance for your unique needs, think about your financial situation as a couple. Here are a few things to consider:
- Debt – Any debt you may currently have, including credit cards, car loans, student loans and lines of credit. If you plan on taking on debt in the near future, it could be a good idea to include this as well.
- Income Replacement – Think about your current household income. How long would your loved ones need financial support if you were to pass away, and your surviving spouse couldn't rely on your income? If you have young children, they may require extended support.
- Future needs and plans – Try to factor in your family's future needs. Would your children need money for their education? Think about what your partner may require, a few years down the road.
- Mortgage – If you have a mortgage, think about how much you still owe and factor in that cost.
- Existing Life Insurance – This should be a part of your calculations and will reduce the amount of additional life insurance you need.
Once you have ensured you have enough coverage, it's a good idea to review your life insurance needs on a regular basis, especially when something in your life has changed. Life events like buying a new home, having a baby, approaching retirement, or getting a promotion could be a good time to reconsider your life insurance needs.
Want to know more about your coverage options as a couple? The TD Life Insurance Calculator can help you calculate the amount of coverage you may need.
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TD Term Life Insurance is an individual life insurance plan underwritten by TD Life Insurance Company. Some restrictions may apply. See Insurance Policy for coverage details, including limitations and exclusions.
The content on this page is for general information purposes only and does not constitute legal, financial or insurance advice. Speak to a life licensed professional advisor regarding your specific situation. The information contained herein, is subject to change without notice.