There's a lot going on at your wedding.
Crazy relatives that make you twinge
every time they start to talk are
suddenly descending down on you. All
the arrangements that need to come off
make everyone a little bit edgy and
somehow, a lot of that fell on you as
the bride. Yes, your bride of honor and
mom have helped but there's still a lot
to get done for the big day. So much
energy has gone into the flowers, dress,
and table seating arrangements (do we do
stick Uncle Stu next to??) that you
haven't even thought of the practical
matters that come after the wedding.
Somewhere, deep down on that "Ok...we're
married...now what" after switching out
checking accounts and all kinds of fun
paperwork is the little matter of life
insurance. You're both 28 and although
he thinks that he is invulnerable, you
know better because after all...you're
the pragmatic one. Once the dust
settles, it will probably be you that
needs to look at life insurance needs
for your newly formed family. By the
way...you're a family now.
In
the most common reasons for needing term
life insurance Scenario #1, we talked
about the needs associated with a new
baby but maybe we were putting the cart
before the horse. Either way, a new
marriage is another very common reason
that people start to even think about
needing life insurance and it's a pretty
good reason. Life insurance needs tend
to come into focus during major changes
and shifts within our lives for a
reason. It's easy to walk through life
day to day especially when you're young
without looking at the big picture.
Life insurance is part of the big
picture thinking that changes like a new
marriage inexcusable force upon us.
Wedding bells definitely fall into this
category.
When you form the perfect union, you're
essentially formalizing a dependency
emotionally, physically, and
financially. Obviously, life insurance
is more concerned with the latter and
term life is the correct way to address
this dependency. When you're single, A.
You're probably not thinking of passing
away (unless you you're going with a
Goth, Nietche view of life). Obviously,
a wedding is also about new
beginnings...not contemplating the
passing of a spouse. It's not being
dark or negative to make sure your loved
one is protected and safe in case
something happens...in fact, it's
slightly negligent to avoid these
questions and put them in a possible
although improbable situation. So,
let's look at how to practically address
the responsibility that a new wedding
thrusts on newlyweds.
The
main concern is to provide for the loss
of income that may result from one or
both of the spouse's passing away. Not
even looking at the possibility of
children and those financial
requirements, there may be mortgages,
debts, and just the ability to continue
forth financial if something were to
happen to you that term life insurance
addresses. The good news is that if you
are newlyweds (unless we're talking the
4th or 5th marriage), you're probably
younger compared to the average term
life insurance purchaser and the rates
will likely be between $10-20 monthly
for a healthy, young adult. That's the
best time to buy life insurance. You
can then mark that requirement off your
list and start to argue about the
kitchen remodel. Don't worry...it's
coming.
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