Life Insurance for Couples

Couples just starting out in a marriage have a lot to tackle to get things off on the right track. Among one of the most important discussions is the life insurance talk about what would happen if the family's main breadwinner suffered a major injury and/or died. How would the surviving spouse and any children survive?

A recent survey points out that both economic and emotional pressures are leading couples to avoid  getting life insurance, leaving their financial situation more perilous.

According to the State Farm survey of more than 1,001 U.S. adults ages 18 and older, 62 percent state that having life insurance is more important today than it was two years ago. However, 74 percent of couples very seldom or never talk about the topic, and a LIMRA study reports that close to one-third of U.S. households do not have life insurance.

The numbers point out that primary income earners are especially averse to starting a conversation regarding life insurance due to the pressure they feel as sole bread winners and to avoid hurting the feelings of their spouse; 64 percent of female and 47 percent of male primary income earners note a conversation on life insurance would prove too stressful.

Furthermore, 52 percent of respondents indicate they work to protect the assets and they have compared to 39 percent who work to obtain their financial dreams, according to the survey.

According to a State Farm spokesperson, a greater number of Americans are dealing with job losses, decreases in their pay and other financial setbacks. Those factors amplify thoughts of anxiety and lead to a greater requirement to secure the protection of loved ones.

For those marrying or recently married, there are a number of situations where they should look for life insurance protection.

First, should you purchase a home together as a couple, acquire life insurance and name each other as the beneficiary. In the event one of you passes away, then the other can take the death benefit and either pay off the residence or invest it and make the payment with the monthly interest that it accrues.

When you have kids together, should you both die together in a car accident; you need to leave money in place for your children to have a secure life.

Finally, when one spouse is a stay-at-home parent, should the primary income earner pass away, the other spouse needs to left with a death benefit to handle monthly expenses.

Also, the stay-at-home spouse should have life insurance because the surviving spouse would have to pay for all of the work completed by the stay-at-home spouse such as child care, shopping, cleaning, etc.

For the younger married couple, there are some situations to look at when considering level term life insurance.

Level term is the most popular form of life insurance for a variety of reasons. It is easy to comprehend, it is the most affordable, it is flexible in offering coverage for 10, 15, 20, or 30 years.

In the event you are a married couple on a budget, look at term life insurance.

Married couples should not use a life insurance policy for their retirement investing. Instead, utilize mutual funds, index funds, and real estate for their retirement nest egg.

Remember that life insurance is for protecting the ones you love, not for an investment tool.