Is more insurance necessary for married couples?
Life insurance, of course, provides income for dependents or beneficiaries after your death, and because married couples (with or without children) typically rely on both their incomes in establishing their lives, the death of one partner necessarily works a financial hardship on the other. For this reason, married couples usually do need more life insurance than singles, especially if they have young children.
If anyone depends on you and/or your income, you should have life insurance. For example, if you’re a stay at home mom, or elder caregiver and something happens to you, that care – be it childcare or parental care – still has to be delivered by someone, and that can be expensive. So even if you don’t have “income” you still need life insurance to ease the burden on your loved ones if you pass on.
If you’re an older couple with grown children, you may need less insurance than when the children were younger, but you’ll still need to cover final medical expenses, debts and burial costs.
Even singles without dependents (and ideally, children, too) need life insurance to be sure their loved ones aren’t left with their medical or other debts and burial costs to pay. With some policies, life insurance can double as a long-term savings plan.
Please consult your insurance agent regarding your specific insurance needs. If you need a referral, let us know and we’ll be happy to help you find one.