Life Insurance for young married couples Back
Life insurance is an essential consideration for young married couples, particularly if you want to safeguard your spouse’s financial security if you pass away.
Here are some key points to consider:
Types of Insurance: Married couples can invest in separate life insurance policies or a joint life insurance policy. While a single life insurance policy will only cover one spouse, a joint life insurance policy will protect both.
Disability and critical illness insurance are also important considerations so you and your partner will be able to continue your lifestyle should one of you no longer be able to generate an income because of an illness or injury.
Affordability: Life insurance for young couples, between the ages of 18 and 30, is usually more affordable because your age has a significant impact on the premium you can expect to pay. Generally, the younger you are, the lower your risk of premature death and the less likely you are to develop a sickness or become injured; thus, insurance companies tend to offer cheaper premiums.
Income Protection: Income Protection is a monthly benefit that pays around 70% of your income while you're unable to work, and is based on your earnings prior to claim. Income Protection Insurance is usually tax-deductible and designed to cover living costs.