Life Insurance for a Married Couple

Life insurance for a married couple is cheaper for newlyweds. It's recommended that young couples buy term life insurance to build their wealth and financially protect themselves from sudden life-changing events. The cost of life insurance will vary based on age, gender, and health. However, you can cut expensive life insurance costs for any life insurance by comparing multiple companies and shopping around.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Dec 2, 2020

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Quick Facts

  • Life insurance can work as a long-term financial plan.
  • Newlyweds can save money on life insurance if they purchase Term Life insurance.
  • The cost of life insurance increases as you get older
  • Whole life insurance is nine times more expensive for married couples in their 40s.

Is term life insurance better than permanent life insurance for married couples? Affordable life insurance for a married couple is an investment that ensures each spouse is protected financially if one or the other passes away.

However, life insurance for married couples can be investments while they’re living. Life insurance policies serve as long term investments for the home, investments to pay off debt, and other payouts that require a large sum of money.

In this guide, we’ll talk about the best life insurance for couples. Also, we’ll explain why adding life insurance is an expense helps you financially in the long-term.

Are you eager to get life insurance right now? Enter your ZIP code in the FREE online quote tool to compare life insurance for a married couple today.

Life Insurance For Married Couples

Once you’re married, couples’ insurance can be the saving grace for your finances. Married couples’ life insurance provides a financial cushion if something unexpected happens, whether it be a death in the marriage or a long-term investment.

Life insurance for couples is cheaper for younger couples. Term Life insurance for married couples is a common life insurance coverage for young couples because it’s much less expensive than permanent life insurance, which is also called whole life insurance.

However, the cheapest marriage life insurance isn’t always in your best interest. Explore the next few sub-sections to learn more about life insurance for spouses.

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Life Insurance For Newlyweds

There’s no better investment than life insurance for young couples. Spouse life insurance is much cheaper for younger couples. It’s an excellent idea to use this to your advantage and purchase life insurance as a couple.

The best life insurance for young married couples is term life insurance. It’s more cost-efficient, and it educates the newlyweds on financial assets. If both newlyweds only want spouse life insurance for one spouse, it will decrease the life insurance rates even more.

Let’s review the average monthly cost of life insurance by gender.

Average Monthly Life Insurance Rates by Gender
Spouse AgeAverage Monthly Life Insurance Rates for FemalesAverage Monthly Life Insurance Rates for Males
25$20$23
30$22$23
35$24$27
40$35$40
45$49$61
50$60$82
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As you can see in the average costs, life insurance for young couples is indeed cheaper. If the couple is younger than 25, they could pay as low as $15 for life insurance on a spouse.

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Three Reasons Why You Should Buy Life Insurance for a Spouse

Life insurance for a husband or wife will ensure that the other spouse has the financial backing if they pass away. If a husband or wife has debt hanging over their heads, life insurance can negate that debt with a life insurance policy cash value.

Life insurance policies can be used for different reasons. Therefore, we’re going to talk about three reasons why you should buy life insurance for spouses and married couples.

High-Risk Careers

The National Institute for Occupational Safety and Health (NIOSH) reported that some workplaces have hazards that may cause injury, damage to the body over time, or death. To be prepared for the unexpected, it’s essential to buy life insurance for either spouse.

Careers with the highest risk of fatal workplace events often have a life insurance policy when you’re hired. But is the coverage enough for the spouse left behind? You can reassure yourself by buying a personal life insurance policy.

Building Investments and Paying Off Debts

Some life insurance policies can rival 401(k)s. A 401(k), in addition to a life insurance policy, can guarantee wealth for the long haul. Unlike the 401(k), you can take out a portion of your life without a tax penalty.

Also, you can move the value of a life insurance policy to another beneficiary or another company.

However, you won’t be able to do that with a 401(k). According to the Internal Revenue Service (IRS), you cannot move an individual retirement account to a life insurance policy.

If you happen to have stubborn debts that are difficult to pay off, you can use a portion or all of your life insurance to pay it off. As a married couple under the same life insurance policy, it’s wise to only take a portion to pay a part of the debt.

It’s a Cheap Expense with Long-Term Rewards

You may be adding an expense for you and your spouse when buying life insurance, but it’s an expense that will help you in the long run.

Life insurance gets more expensive, the longer you wait to purchase a policy. You’ve seen how much it cost by gender. Just imagine waiting until you get into your 40s and 50s. It will certainly be expensive.

Well, it all depends on the type of life insurance. Let’s look at one more section detailing different kinds of life insurance.

Don’t forget to check out some life insurance options for married couples. Just enter your ZIP code in the FREE online quote tool to get started.

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Types of Life Insurance For Married Couples

Different life insurance programs have various functions. Term life insurance works differently than permanent life insurance and survivorship life insurance. We’ll briefly go over life insurance policies you can buy as a married couple or for a spouse.

Term Life Insurance

Just as the name suggests, term life insurance pays a fixed amount if a spouse passes away. The life insurance policyholder will decide the payout amount and how long they want the policy to last. A common period for term life insurance is 10 years.

The life insurance policy will match the income of the policyholder after 10 years.

Therefore, an income of $30,000 per year could mean a $300,000 payout for term life insurance. If your life extended past the 10 years, your policy would cancel, and the cash value can be distributed to you.

Permanent Life Insurance

This type of life insurance extends throughout your entire life. It costs more than Term Life insurance, but it provides more benefits. Permanent Life insurance pays for funeral expenses and is often used as a source of funds later in life.

Survivorship Life Insurance

What happens if both spouses were to die? To be prepared for this situation, it’s better to buy First-to-die and Second-to-die Life insurance.

Watch this video for more information about survivorship life insurance.

Surviving spouses can use survivorship life insurance to pay off debts, mortgages, and other expenses if a spouse passes away.

However, if both spouses pass away, they can provide wealth for beneficiaries (usually children and grandchildren). Second-to-die life insurance is common among  wealthy couples, but it might be an option that protects working-class policyholders also.

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Frequently Asked Questions: Life Insurance For A Married Couple

Life insurance can be challenging to talk about because you don’t want to imagine life without your spouse. The information you’ve learned today will prepare you for a tough decision in the long run.

For the final section of this guide, we’ll answer a few married couple life insurance questions.

If you’re ready to compare life insurance for a married couple right now, enter your ZIP code in the FREE comparison tool below.

#1 – Can I buy life insurance for my wife?

Yes. As her spouse, you have an insurable interest to insure your wife. However, you’ll need her consent despite your marriage status.

#2 – What’re the recommendations for married couple life insurance?

It’s recommended that you buy a life insurance policy that’s worth 10-12 times your yearly income.

#3 – Why should married couples buy Term Life insurance?

Young married couples who need insurance should buy Term Life insurance because it’s the most cost-efficient.

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