Working Out Your Plans for Life Insurance for When You Get Married

What is your plan for post-marriage life insurance? Do you know reliable sources of unbiased information? A wise program of life insurance may save you many hundreds of dollars over the years and give you better protection. Those concerned with the larger problem should read the more extensive discussions elsewhere. Obviously, the amount of life insurance that you can get depends heavily on a number of factors. The internet is a good source of information regarding different types of life insurance. Obviously you can also contact your insurance broker, if you already have life insurance, and find out what options there are for you to change your policy to cater for your change in circumstances. It is worth researching life insurance extensively before you actually get married to ensure that you have the best policy to suit you. Also ask your married friends for their recommendations, you may even find that it is something that they haven’t sorted out for themselves and you would be helping them too!

We shall limit our discussion here to what you should know about life insurance before you marry. For the sake of brevity we shall present it in the form of simple statements.

• The insurance needs of the family vary with its development.
Insurance should be planned so that there is a very high coverage while the children are still small and a much lower coverage after they have become self-supporting. This can be done by taking out term insurance, which costs about half what ordinary life does, and automatically expires after a given term of years.

• The purpose of life insurance is to protect dependents.
Therefore it should not be taken out before there are dependents (which may include creditors) who need protection. Policies should be taken out on the wage earners to protect dependents, not on the dependents themselves; that is, on the father, rather than on the children.

• Insurance is best not combined with investment.
For the ordinary man there is one sound investment - government bonds. A bond-buying policy plus term insurance will give greater protection than an endowment policy. Government bonds are also the best method of saving for the future education of children.

• It makes considerable difference with which company you take out your policy.
With some companies, the same protection may cost as much as fifty percent more than with other companies equally sound. Insurance agents are engaged in an honorable and important task, but they are not always the most unbiased and reliable sources for information on life insurance.