As a newly wed couple, death being the cause of separation seems as more of a bad omen then a reality. However, thinking about the worse case scenario is an essential trait for maintaining a sound financial plan. There’s no scenario worse than the death of you or your spouse, but you need to prepare for it.
When Should You Buy Life Insurance?
Here are some scenarios where you might want to protect your family with life insurance:
- If you buy a house together as a couple, buy life insurance. If one of you dies, then the other can take the death benefit and either pays off the house or invest it and pay the payment with the monthly interest that it earns.
- When you have kids. If you both die together in a car accident, you need to leave money behind for your children to live a happy and fulfilling life.
When one spouse is a stay-at-home parent. If the primary income earner dies, the other spouse MUST be left with a death benefit to cover monthly expenses.
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