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Why childless married couples should still get life insurance

Married without children? Here are five reasons why a policy may make sense to you

There are many good reasons to get life insurance – but if you are a childless married couple, you may be wondering if any of these reasons apply to you. Should you take out life insurance if you do not have children, for example? What happens if you still rent or still pay off your student loans? Are you going to add an affordable life insurance premium to your monthly budget?

We say yes– And since life insurance can be even more affordable for people who get their insurance started when they are young and healthy, we recommend that you apply for life insurance as soon as possible. A good life insurance policy protects the people you love – including your partner, your parents, any children you may have in the future and any relatives who may benefit from your financial support. You can even use your life insurance to leave a beneficial legacy that reflects your values.

Want to know more? Here are five reasons why childless married couples should get life insurance.

In this article:

Life insurance protects your spouse

If you are married, your spouse is probably more dependent on you than you realize. Not only do you two help each other handle the daily chores that come with building a home together, but you also help support each other financially – and getting a life insurance policy in place can help you continue to support your partner even after kill-do-us-part.

If you and your spouse share a mortgage, for example, a life insurance policy that matches the length of your mortgage can help your partner continue to pay the monthly payments – but that is not the only reason to consider applying for life insurance after marriage. A life insurance benefit in the event of death can also give your partner financial freedom to pay off your final expenses without becoming indebted, take time to mourn and plan for the future without worrying about how they will cover the bills.

Life insurance protects your parents

Many young people do not think about the financial burden that can be placed on their parents after an unexpected death. Your parents may want to cover some or all of the expenses associated with funerals and memorial services, for example – and these final expenses may be much higher than people realize.

And even if parents are not always legally responsible for their children’s debts, it is possible that your parents may choose to take responsibility for paying off your outstanding debts, including any co-signed student loans. (Why would they do that? Maybe to help your widow during a difficult time.) With good life insurance in place, much of the financial burden can be eased – so keep that in mind when choosing your length and coverage amount and see it as a way to thank your parents for everything they have done for you.

Life insurance protects your future children, if you choose to get them

Things change. If one day you decide to have children, you will be happy to have your life insurance in place now. Many new parents do not realize all the costs of raising children, and they often do not have a plan in place to protect their family’s financial security even in the worst case. A good life insurance policy can help your children stay in the family home, for example – and it can also help your partner pay for childcare, cover summer camps and even fund the cost of college.

Because life insurance is generally more affordable when you are young, a 30-year life insurance policy in place today can set you up for three decades of low monthly life insurance premiums – and three decades of protection for the people you love most, including the children who one day can join your growing family.

Life insurance protects other potential relatives

Children may not be the only relatives who will be part of your family in the years to come. Many members of the Millennial generation take on caring roles, provide emotional and financial support to aging parents, or open their homes to siblings with disabilities.

If you find yourself in a situation where someone you love is dependent on you for a roof over your head, financial aid or other basic needs, you need to consider taking out a life insurance policy. In this way, your loved one will have better conditions to continue to receive the care they need – even if you are no longer there to provide it.

Life insurance protects your values

Do you want another reason to consider applying for life insurance? Whether or not you and your partner plan to expand your family in the future, you may still want to leave a legacy to the next generation – and a life insurance policy can serve as a way to share your financial resources with the people and organizations you value most.

Many people do not realize that they can name a charity as a life insurance beneficiary, for example – and if your life insurance policy includes enough coverage to support your spouse, protect your parents and relatives and make a donation to a charity, you can turn a worst case scenario to a life-changing gift.

If you are newly married, you do not know what the future may hold for you – but no matter what happens next, an application for a life insurance policy can help you protect what matters most. This is why childless married couples should still get life insurance – and why it is a good idea to get your insurance in place as soon as possible.

Our editorial policy

Haven Life is a customer-centric life insurance agency that is supported and wholly owned by the Massachusetts Mutual Life Insurance Company (MassMutual). We believe that navigating life insurance decisions, your personal finances and overall well-being can be refreshingly easy.

Our editorial policy

Haven Life is a customer-centric life insurance agency that is supported and wholly owned by the Massachusetts Mutual Life Insurance Company (MassMutual). We believe that navigating life insurance decisions, your personal finances and overall well-being can be refreshingly easy.

Our content is created for educational purposes only. Haven Life does not support the companies, products, services or strategies discussed here, but we hope they can make your life a little less difficult if they suit your situation.

Haven Life is not authorized to provide tax, legal or investment advice. This material is not intended to provide and should not be used for tax, legal or investment advice. Individuals are encouraged to seek advice from their own tax or legal adviser.

Our revelations

Haven Term is a life insurance policy (DTC and ICC17DTC in certain states, including NC) issued by the Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and is offered exclusively through Haven Life Insurance Agency, LLC. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by CM Life Insurance Company, Enfield, CT 06082. Police and driver form numbers and features may vary by state and may not be available in all states. Our agency license number in California is OK71922 and in Arkansas 100139527.

MassMutual is ranked by AM Best Company as A ++ (Superior; Top Category of 15). The grade is valid from 1 April 2020 and may change. MassMutual has received various ratings from other credit rating agencies.

Haven Life Plus (Plus) is the marketing name for the Plus skier, which is part of the Haven Term policy and offers access to additional services and benefits at no cost or at a discount. The driver is not available in all states and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made available under Plus Rider, which are provided by third party providers (partners). For more information on Haven Life Plus, visit: https://havenlife.com/plus.html

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