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Life insurance for you and your better half
Marriage can be quite an adventure. Whether you are newlyweds or celebrating your 25th anniversary, it's important 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 could help lead to financial security. And it could 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 their standard of living?
- 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 of term life insurance coverage on a 10-year term plan 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.
Consider how much life insurance you and your spouse would need to help financially protect each other if one of you were to pass away. 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?
Life insurance 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.
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, 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, 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. And premiums are guaranteed and will 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.
30-Year Term Life
This coverage is suitable for married couples who are looking for term life insurance to cover longer-term financial responsibilities. This could be for a 30-year mortgage or if you are starting a family. With this coverage, your premiums are locked in for 30 years, and your coverage automatically renews on an annual basis at the end of your term with premiums increasing based on your age at the time.
Permanent Life Insurance
– This type of coverage lasts for as long as you live.
Term to 100 Life
Married couples and newlyweds choose Term-100 because they want lifetime coverage at a fixed cost. This plan does not expire and the premiums are guaranteed not to change. At age 100, premiums stop but coverage continues until the insured person passes away. This coverage could be suitable for covering final expenses like funeral costs.
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 is a good idea to include this as well.
- Income Replacement – Think about your current household income. How long would your spouse be able to financially support themselves and your family if you were to pass away and they couldn't rely on your income?
- Future needs and plans – Try to factor in your family's future needs. Think about what your partner may require a few years from now. And would your children potentially need money for their education? Also, have you considered the cost of final expenses?
- 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 an annual basis, especially when something in your life has changed. Life events like getting married, 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.
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.