Are you recently married or ready to start a life together with some special? My name is Brianne, and I spend my days comparing life insurance products at Lifeplan Financial so that I can turn around share with you what you need to know.
Expert Sarah Brown from Advisor.ca breaks down relevant factors to consider when looking at life insurance in her article, “Insurance for Newlyweds.” She suggests that you first and foremost consider the pros and cons of multi-life insurance and joint-life insurance policies. While joint-life policies may be slightly cheaper, consider whether each of you in your relationship might actually need your own individual coverage. If you do, multi-life may be the better option. If you already have insurance from a previous relationship, or from your parents, make sure that the beneficiaries are still relevant to your new relationship. Research shows that 62% of couples wish they had talked about finances before marriage so make sure you have these discussions with your spouse even though you may already be married!
At Globe and Mail, Marjo Johne further discusses the topic of Life Insurance in her article, "Financial Life stages" by introducing the role it plays on a national level. She discusses what kind of life insurance is needed in each life stage as well as situations that may influence the kind of coverage you need. Do you need Term coverage or Whole Life coverage? Should you insure your children to ensure them being eligible for coverage down the road? Read her article here or meet with an advisor to discover more considerations to include in your financial plan.
If you are recently married and are looking to get ahead on your life insurance, follow these experts’ advice and stay in control of your finances.
1) Choose Coverage – Meet with an advisor today to discuss what kind of coverage would be best for you and your family. Remember that you don’t have to make these decisions alone.
2) Manage Beneficiaries – You may have taken out an insurance policy years ago but not looked at it since then. Review your policy regularly to ensure that the beneficiaries are relevant.
3) Discuss Finances – Have regular conversations regarding your finances with your spouse and your advisor. This will help you stay on the same page as you move through life to ensure that you are protected and prepared for anything; from life insurance to retirement!
There is a lot to consider when you get married and everything is a whirl of happy change. Remember to make life insurance an important part of your financial plan with the help of an experienced advisor and I wish you the best as you start your new life!
Lifeplan Financial is a locally owned Managing General Agency (MGA) in Victoria and we work hard to give advisors the tools they need to succeed across all of British Columbia. We give our advisors the independence they need with the support they deserve. “Because Your Success… is Our Success.”