As a newly married couple, when should we buy life insurance?
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UPDATED: Sep 15, 2020
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You should buy life insurance policies as soon as possible after you are married if not before. Once you get married, you begin to rely emotionally on your spouse and financially on their contribution to your family. The sudden and unexpected removal of this support system can hurt your finances and cause you a lot of additional stress. With life insurance benefits, you can help replace some of the financial contribution that will be missed while allowing yourself time to grieve without financial stress.
If you don’t buy policies immediately, then a triggering event can serve as a reminder of the importance of life insurance. Triggering events can include the purchase of a home or car or the birth of a child. But the longer you put off buying life insurance, the more expensive your policy premium will get. When you buy a policy immediately after marriage, it will be less expensive than buying one in 5 years when you have a child.