What To Think About
The most challenging thing about life insurance is deciding when you need it. Whatever stage of life you're at, you should create a game plan to safeguard your goals and dreams.
Do you have young children or an elderly parent who depends on your support? Do you have unpaid debts such as student loans, credit card bills, and a mortgage or rent that would easily overwhelm your significant other if you suddenly pass away? These are all cases where an affordable term life insurance policy can help protect the financial security of the people you hold most dear.
Life Insurance For Couples
If you or your partner are lucky enough to maintain your quality of life without the other - lucky you, you may not need life insurance. Consider this scenario: if you or your partner could survive financially, after funeral expenses and debt remaining debt has been paid, without having to sell property, relocate to a different city, or change jobs - if you can manage the expenses with the funds you have on hand, then life insurance may not be necessary.
However, many of us contribute equally to shared bills, debt, and other necessities, so the loss of the other’s income could be devastating. Within a few minutes, you can use an online life insurance calculator like Ethos’ to help protect the life you’ve built together.
A prime time to buy life insurance is before you say “I do” or plan to have your next child. No matter what stage you secure a policy, you can rest easier at night knowing that your loved ones are always protected. You can't predict how or when you die, but you can choose a term life insurance policy to help protect your family.
When deciding on the amount of coverage you might need, a common rule of thumb is to multiply your annual salary by ten. This suggested amount can help take care of the financial needs of the surviving partner, helping them pay off any shared debt and giving them time to get the household finances back in order if either of you suddenly die. No matter what amount of coverage you have through work, you and your partner or spouse should each consider purchasing an individual term life insurance policy to ensure that your beneficiaries have the right amount of money they need to carry on if you pass away. Check your rates today with Ethos’ term life insurance calculator.