Newlywed To-Do List Gets Longer

1. Do you possess a life insurance policy?

Starting any conversation about life insurance requires addressing this question first, so let’s tackle it head-on! Despite feeling invigorated after finding the love of your life, it’s important to acknowledge that no one is invincible. Life insurance offers numerous benefits such as safeguarding against income loss, covering funeral expenses, potentially gaining tax advantages, and providing early access to funds. The advantages you receive can vary depending on the type of life insurance you opt for. Ultimately, having life insurance is a fantastic way to demonstrate your love for your significant other, through the good times and the bad.

2. Are you adequately covered with the appropriate type and quantity of life insurance?

Life insurance policies are not a universal solution as they come in various types with different coverage, benefits, and applications. To ensure that your newly-wed spouse is adequately protected in the face of unforeseen events, it is crucial to obtain the right policy with sufficient coverage. This type of coverage not only covers loss of life, but also unexpected disabilities or long-term care needs. As your life with your spouse is unique, your life insurance policy will also be tailored to your individual needs, in sickness, and in health.

3. Are the beneficiaries on your policy correctly listed?

If you had a pre-existing policy prior to marriage, it is crucial to consider this question. Many newlyweds choose to designate each other as the main beneficiary, and for good reason: selecting the appropriate beneficiary can guarantee that any insurance benefits are paid to them, both in sickness and in health.