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Congratulations on finding someone you want to share your life with! Do keep in mind that agreeing to share your life with someone means sharing life insurance with them. After all, you are entering a financial partnership on top of personal. After the honeymoon, you are going to need to have a long conversation about life insurance. You will undoubtedly need to have one before you have any little visitors. Death benefits will help the surviving member of the couple be financially supported.
Your Options
You may be able to get supplemental life insurance through your employer. You could name a beneficiary at a group rate. Joint life insurance would cover both of you. First-to-die life insurance provides the surviving policyholder with the death benefit in the event that the other policyholder dies. Second-to-die life insurance, also known as survivorship life insurance, pays a death benefit to the second surviving policyholder who dies, going to their chosen beneficiaries. You may want to discuss if term or permanent life insurance is in your best interests. Term life insurance has a fixed cost, usually for a decade or two. You can renew it, but it may cost more. Permanent life insurance is just what the name suggests. It initially cost a little more, but renewing it is unnecessary. You and your spouse may want to sit down together and discuss what insurance plan would best fit your needs.
Contact Anthony Lancaster Insurance Inc. in Memphis, TN
If you and your spouse live in Memphis, TN, and need someone to help you figure out life insurance, please get in touch with us at Anthony Lancaster Insurance Inc. We’d be happy to help.
