Life Insurance for Married Couples
Marriage marks a major milestone—and with it comes new financial responsibilities. Couples often merge their finances, share debts, and take on joint expenses like a mortgage or raising children. As you build your life together, it’s important to plan for the unexpected. Life insurance can help provide financial protection for your spouse and any future children, offering peace of mind as you navigate your journey together.
Why You May Need Life Insurance
Could your spouse manage the bills without your income? Would there be enough savings for a child’s education? As you build a life together, it’s important to think about the financial impact your absence could have on your partner. Life insurance helps provide a safety net. Here are five key ways it can protect your loved ones and ensure their financial stability if the unexpected happens.
If you have questions or would like to chat with one of our licensed professionals to find the right coverage, contact us.
Dealing with Debt
When you get married, your financial obligations—like student loans, car loans, or credit card debt—can become a shared concern. Even if your spouse didn’t co-sign those loans, they could still face consequences if you pass away, such as vehicle repossession or a negative impact on their credit. In community property states like Arizona, California, Texas, and others, your spouse may even be legally responsible for debts incurred during the marriage. Life insurance can help cover these obligations, protecting your partner from unexpected financial burdens.
Getting Ahead of the Future
Marriage often sets the stage for major financial decisions—like purchasing a home, starting a family, or planning long-term goals—that typically rely on two incomes. As these responsibilities grow, so does the need for financial security. Having life insurance in place can ease the burden if one spouse passes away, helping protect your family’s future and maintain financial stability during a difficult time.
No Better Time Than Now to Act
Your rates are at their lowest
Rates for all types of life insurance increase as you age, so the lower rates you lock in today last for the length of your term. That could save you money in the long run.
Take advantage of your health
Oftentimes, the younger you are, the healthier you are. Securing your life insurance while your health is in good shape ensures lower rates and guarantees coverage for the length of your term, no matter how your health changes. Waiting until a health condition arises could make it difficult to obtain life insurance.
It’s not just for your spouse
If you’re responsible for the financial needs of anyone outside your household, you may want life insurance to protect them. Don’t overlook elderly or disabled parents, relatives, or friends who depend on your financial support.
Do Both Partners Need Life Insurance?
Life insurance is often viewed as income replacement—but even if only one partner earns most of the income, both may still need coverage. Each spouse contributes to the household in different ways, and the financial impact of losing either one can be significant. This is especially true for parents. A non-working spouse may not bring in a paycheck, but the cost of replacing their childcare and household contributions can add up quickly.
To decide how much life insurance each partner needs, consider the financial gap their absence would create. Ask yourself: What would it cost to maintain the family’s lifestyle, cover debts, and ensure long-term security for the surviving partner and children?
What If You Have Life Insurance Through Work?
Many employers offer life insurance as part of their benefits package—but it’s often not enough to fully protect your family. Typically, employer-sponsored policies only cover one to two times your annual salary, which may fall short of what your loved ones would need. For married couples, financial experts often suggest having coverage equal to around 10 times your income.
Relying solely on workplace coverage can leave a significant gap. Plus, if you change jobs or lose employment, that coverage may not go with you. A personal term life insurance policy ensures consistent, long-term protection—giving your family financial security regardless of where your career leads.
Your Life Insurance Options
Life insurance comes in two main types: individual and joint. Individual policies can be term or permanent, offering coverage for a set period or for life. Joint policies cover both spouses and either pay out after the first or second partner passes. When choosing a policy, think about how long you need coverage, how much protection you want, and what fits your budget.
Individual policies
As the name implies, individual policies cover one person. The most common types are term life insurance and permanent life insurance.
Term life insurance
Term life insurance is one of the most affordable and easy-to-understand options. It provides coverage for a fixed period—usually 10 to 30 years. If you pass away during that term, your beneficiaries receive a lump-sum death benefit to help cover expenses and lost income. If the term ends before your passing, no benefits are paid.
At Life Insurance Network, we aim to protect as many families as possible. By offering term life insurance, we provide a simple, budget-friendly way to ensure financial support when it’s needed most.
Permanent life insurance
Joint policies
Joint policies cover more than one person, usually a married couple. The two most common types are first-to-die and second-to-die life insurance, each designed to meet different financial planning needs for couples.
First-to-die
With a first-to-die policy, if one spouse passes away, the surviving spouse typically receives the death benefit, and the policy ends after that payout. It’s based on the idea that the surviving partner may no longer need life insurance. Depending on your situation, this type of policy may or may not be more affordable than having separate individual policies.
Second-to-die
Second-to-die life insurance provides a death benefit only after both insured spouses have passed away. It’s typically used when the surviving spouse won’t need immediate financial support, but there are heirs or dependents who will. This type of policy is often chosen for estate planning or leaving a legacy.