If you're headed down the aisle for a second (or third) time, you're in a good company. Nearly 40 percent of new marriages include at least one partner who has been married before, and half of those have been previously married.
flowers and securing a venue for your wedding, you should also add updating (or new) life insurance to that list. Get Money For Funeral Expenses And So Much More.
What makes second (or third) marriages unique
marriages come with their own unique set of circumstances. Getting adjusted to your new spouse is never easy, let alone when you're remarrying later in life. Financially speaking, remarrying means you can get acclimated to new financial responsibilities and bonds. You may be stepping into the kids or other circumstances such as a large age gap, and unchecked financial to do that.  Nearly 20 percent of men who are remarrying have a spouse. that is, at least ten years younger than 1
There are lots of reasons to have life insurance. Life insurance can provide much-needed safety net to protect both partners once you get married. Should one of you pass away, the proceeds of a life insurance policy can help with day-to-day expenses now or long-term financial goals for the future. All of these financial complexities make the case to review the life insurance you have considered a new policy once you are remarried at the top of the list.
How to get prepared
One of the first steps you should take when you get married is compiled in the list of your individual and joint assets and debts. That list should also include any life insurance policies you have with their current death benefit amounts and retirement and investment accounts. Creating a streamlined list is a great starting point for your life insurance needs going forward
Term insurance is one of the simplest and most affordable types of life insurance coverage and comes with options for different term lengths. Getting remarried is an excellent time to check-in on your current life insurance coverage and fill in any gaps you might have with a new life insurance policy. There are some things you should think about when considering life insurance:
- What do you think you need to spend a month with your household expenses?
- Do you have kids individually or together?
- Do you have kids individually or together?
These questions will help you figure out how much life insurance you need to protect your loved ones in the event of your death, and help you evaluate the existing life insurance you
Check your beneficiaries
Whether it's life insurance, retirement accounts or investment accounts, naming a beneficiary is a crucial step to take. A beneficiary is merely the person, or people, who you wish to receive the death benefits if something should happen to you. Setting a beneficiary is important Especially with life insurance since the death benefit proceeds will usually be the beneficial tax-free.
It's a good reminder to check your beneficial designations if you get divorced or remarried since life insurance is a legal contract and can not be overruled by intentions outlined in your will, for example. It's quite common in a second or third marriage that the beneficiary named when you took out your life insurance policy is the current beneficiary.
and double-check that before you make a change. Otherwise, be sure to update your life insurance beneficiary to reflect your new spouse.
So during major life events, you should check about updating them. Changing to a life insurance policy is a simple task. Most insurance companies have you complete a form named the new beneficiaries for the change to take place. You can contact customer service or in some instances, may be able to download a beneficiary change form online. With a Haven Term policy, you can change the name of your beneficiaries online, listing up to 10 primary beneficiaries and 10 contingent beneficiaries. The process usually takes less than five minutes. If you have any questions, Haven Life's customer success team will help you with any questions you may have.
Getting remarried is a time to celebrate! While there are many financial complexities to get remarried, taking some time to review your finances before you get married can go a long way in setting up a healthy marriage. Sure, life insurance can feel like a tricky topic to discuss, but meaningful conversation to protect each of you for the future should something unexpected happen.
Shannah Compton Game is a CERTIFIED FINANCIAL PLANNER® professional with an MBA and is the host of the award-winning podcast, Millennial Money, where she shares totally related and easy to understand financial advice that will actually make you talk about money.
Haven Life doesn't provide tax, legal or investment advice. This discussion is intended as general education only. We encourage you to work with your personal tax or legal professionals and your financial advisor. Opinions expressed by the author are their own and not necessarily represent the views of Port Life.
Port Term is a Term Life Insurance Policy (ICC17DTC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively through Haven Life Insurance Agency, LLC. Policy and rider numbers and features may vary by state and may not be available in all states. In New York, Harbor Term is DTC-NY 1017. Our Agency license number in California is OK71922 and in Arkansas, 100139527.