Life Insurance For Newly Married Couple

When you’re building your life with someone else, the foundation that the two of you are laying may need the protection that life insurance for married couples provides. More than 40% of Malaysians have no life insurance. Here are some reasons to consider life insurance when you’re a married couple and some options for policies.

You’re adding more expenses
Couples often use their combined incomes to take on bigger financial obligations, such as renting a nicer apartment, buying a home or new cars and, possibly, having children. Many couples wouldn’t be able to bear these costs on just one income. One of the primary reasons for buying life insurance is income replacement, so that your family can continue their plans and lifestyle.


Your spouse may be responsible for your debts
Any debts left when you die would be paid out of your estate, meaning your assets. This will eat into what you pass on to your spouse. Your spouse would be on the hook for debts in any joint accounts and community property states. Your spouse would be responsible for debts you took on after getting married, such as personal credit card balances.

Life insurance gets more expensive the longer you wait
The earlier you buy a policy and lock in life insurance rates, the more money you’ll save over the long run. The prices you’ll be quoted for policies will get more expensive with each passing birthday. On top of that, you never know when you might develop a medical condition that could lead to higher rates when you want to buy a policy.

Options for life insurance for married couples
Once you’ve decided to buy life insurance, the question becomes what kind of coverage to buy and how much you need. Your decision generally depends on what financial obligations you want to cover, how long those obligations last and how much you want to spend.