Understanding Life Insurance for Newlyweds

Getting married is one of the most exciting events of your life, and it is probably the most unlikely time to think about taking out life insurance. However, taking out life insurance for newlyweds is the perfect time to protect your new future as a married couple.

Life insurance might be one of the last things on your mind around the time you are getting married, but it could be a huge difference. After all, you are likely buying a new home together and eventually starting a family in the near future.

Misfortune can strike at any time, and it is important to make sure your loved ones are protected.

Why is life insurance for newlyweds a good thing?

Getting married is a good time to look at life insurance for a number of reasons. You will likely be starting a family soon, and that means you will have dependents. It is key to ensure financial protection and support for your children, should you or your partner pass away. If the worst was to happen, would your partner be able to look after the children without financial support?

Similarly, if you have bought a home together, would you or your spouse be able to keep up with the mortgage repayments or bills if the other was to pass away? Life insurance for newlyweds can be the perfect way to provide a safety net for your future family.

You could even consider a joint policy, although this will only pay out when the first person on the policy passes away. If you would prefer to have a policy each, you are better off taking out individual cover.

Benefits of life insurance for newlyweds

Having the right life insurance can bring huge benefits to your spouse and family. Your policy can be tailored to meet your monthly budget and your individual requirements, offering peace of mind that your family will be financially secure should the worst happen.

The biggest benefit of taking out life insurance as newlyweds is that your partner will not have to worry about money during an already difficult time. What’s more, if you take out life insurance at a younger age, as newlyweds usually are, your monthly premiums could be cheaper than if you take a policy out when you are older.

What are your options?

The two best policy options are level term life insurance and mortgage life insurance, also known as decreasing term. These are the most common types of cover.

Level term life insurance for newlyweds will last for a fixed amount of time decided by you. You will also decide on the amount that would be paid out to your loved ones. The pay-out amount is the same whether you pass away at the start of the policy or at the end.

Level term insurance can help to cover anything, from childcare and school fees to household bills. It is more suitable for an interest-only mortgage.

Mortgage life insurance, on the other hand, will decrease over time and usually aligns with your mortgage term. It is particularly helpful if your spouse or other dependents would not be able to afford the mortgage without your income. This type of life insurance is more suitable for a repayment mortgage.

To learn more about your options for life insurance for newlyweds, speak to our friendly UK advisors who can help you find the right policy for your need