Couples Life Insurance
It often makes good sense to get Life Insurance for both partners in a relationship, even if only one couple is working and you have no dependants. As well as the added protection, most insurance companies also offer Couples Life Insurance premium discounts of 5-10% when compared with individual life policies.
Why get Couples Life Insurance?
When both partners are employed, Couples Life Insurance can help replace a partner’s income in the event of his or her death. It is also recommended for younger couples who are still in the early stages of building a solid financial foundation for themselves. Weddings can have a costly, and if the couple is covering most or all of the costs, this type of insurance can lessen the financial impact should the worst happen.
Even if one partner is not working, it still makes good sense to take out Couples Life Insurance, especially if that partner is primarily responsible for raising the children, as Couples Insurance will help cover the costs of a babysitter or childcare if needed.
How much Couples Life Insurance should I get?
There are three main areas to take into account when weighing up your insurance options:
If only one partner is earning a salary, that partner should be insured for the larger amount. If both partners earn a similar amount, a joint Life Insurance policy with similar coverage for each partner will ensure family expenses will continue to be covered if one partner passes away.
- Partner responsibility
While both partners support the family, one may be a stay-at-home parent, putting most of his or her time into keeping house and raising the children. These responsibilities may be worth a major dollar sum in terms of childcare costs, hiring a housekeeper, gardening and so on.
The key point is to get insurance for more than just income replacement, as many activities such as child rearing can also have a significant dollar value.
- Risk of injury or major illness
If you have a family history of life-altering medical conditions or serious illnesses, getting Couples Life Insurance might be a wise choice regardless of your level of income. It may also be worth considering taking out TPD (Total and Permanent Disability) insurance.
When should you take out Couples Life Insurance?
Just like individual Life Insurance, it is a good idea to obtain Couples Life Insurance while you are still relatively young and free of health issues, as more insurance options will be available to you during this time, and they are likely to be much cheaper. Many couples leave this decision until it’s too late, when their partner is already deceased, or when health problems are starting to arise.
Obtaining a Couples Life Insurance quote
Couples Life Insurance can be the best and most cost-effective way to secure your family’s financial security should the worst happen to either partner. Wealth Smart compares Couples Life Insurance products from the leading providers to give you the best and most comprehensive advice. We help you find the policy that is the right fit for you and your partner’s life situations, and gives both of you peace of mind.
Choosing Couples Life Insurance
Having the right Couples Life Insurance is about more than replacing you or your partner’s income should the worst ever happen. It is vital you take some time to think about the real dollar value of everything that you and your partner do for your family, whether it’s looking after the kids, performing home maintenance or even doing the weekly shopping. Wealth Smart’s advisers have the industry knowledge and expertise to help you make the right decision, ensuring your family will always be protected.
© 2012 Wealth Smart Life Insurance