Why childless married couples should still get life insurance

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.

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.