Having children can be an expense that life insurance can help prepare you for.
Every person will need life insurance at some point in their lives. However, today we’d like to focus on married couples. If you’re married and have life insurance, you are preparing your spouse (and children) for the unexpected. We know that it’s a sad thought to think about, but too often are families left to make stressful decisions and last-minute plans when it’s avoidable. If you’re married and you have yet to look into a life insurance policy, we know that you’ll appreciate this information. Here are three prime reasons why you need life insurance.
Are You Adding More Expenses to Your Life?
When a couple wants to rent out a better apartment, buy a new home or car, or have children, they often use their combined income to take on these more substantial financial obligations. Bearing these costs on one salary alone can be nearly impossible for some partners. The top reason to buy life insurance is income replacement so that your family doesn’t have to downgrade or jeopardize their lifestyle or any set plans.
Do You Want Your Spouse to Not Have to Worry About Debt?
If you have any debt after you pass on, these debts would be paid out f your estate or your assets. These debts could potentially eat into whatever you pass onto your spouse. With that in mind, we recommend always staying on top of your debt. Also, the excellent news is that typically debtors cannot garnish life insurance payouts or retirement payouts.
Do You Want to Avoid Life Insurance Becoming Expensive?
The earlier you buy and lock into a policy, the better. You’ll save money this way. With each passing birthday, rates become more expensive. Even if you’re young and healthy now, you never know what may happen or what medical conditions could develop. Medical conditions on top of being up in age lead to expensive rates.
Two Life Insurance Options for Married Couples
- Term: This policy pays a set amount if you are to pass on while the plan is still in effect. You can decide how much the payout should be and how long the policy lasts. Term life insurance is very affordable.
- Permanent, or Whole: This policy lasts your entire life and builds cash value as well. This plan is excellent for anyone who wants to provide money to their family no matter when they pass, such as for funeral expenses. This policy allows the policyholder to take a loan out against the cash value and use it to source funds later.
Are you shopping for insurance and want to know what’s best for you and your family? Reach out to us today.
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.