Being in a long-term relationship means looking out for each other. When one of you is sad, the other is close at hand with a consoling word or comforting shoulder. When one is busy, the other picks up a little slack at home, dutifully scrubbing the dishes or vacuuming the floors.
But what if you want to be there for your loved one in a worst-case scenario? What happens to your partner if you pass away? Will they be left to shoulder the costs of burial unaided? How will they pay the mortgage on a single salary, or no salary at all?
Yes, these are heavy questions – questions that your partner will hopefully never have to answer. But looking out for each other means tackling worst-case scenarios too, which is why couples should consider life insurance.
In this post, let’s cover a few things you and your partner should know about life insurance.
Table of Contents
It’s Peace of Mind in a Worst-Case Scenario
Life insurance is more than just a financial agreement. It is essential peace of mind for couples. When you acquire life insurance, you (the policy owner) pay a monthly premium to the insurance company. In return, the company commits to pay a death benefit (a sizeable sum of money) to your partner (the beneficiary) if you pass away.
The agreement represents a tacit understanding that your partner will suffer financial disruptions and burdens if your income suddenly, saddeningly leaves with you. In this way, a life insurance policy is an act of care and provision for your loved ones.
While life insurance can be roundly beneficial for couples, it becomes even more of a pressing issue when you have children. A life insurance policy helps ensure your children are provided for in your absence.
It Doesn’t Have to Be a Hassle
The next thing couples should know about life insurance is that it’s matured in the past few years. The process used to be arduous and fraught with hurdles. A prospective policy owner had to attend physical meetings, negotiate with an agent who may or may not have their best interests at heart, and wait agonizing, uncertain weeks for approval.
Thankfully, things have improved. You can apply for life insurance online in 20 minutes or less now – from the comfort of your home computer or phone. You don’t have to worry about an agent pushing a plan that doesn’t fit for you. And you can usually see approval instantly.
It Doesn’t Need to Be Prohibitively Expensive
You can absolutely find affordable term life insurance that won’t break the bank. If you go through an online company that cuts unnecessary operational costs, you end up paying a lower premium each month.
You just need to know where to look. You can find more information in the link directly above, or do your own research to find a policy that fits your budget.
Starting the Conversation Is a Simple, Productive First Step
The last thing couples should know about life insurance is that the first step is straightforward. Sit down with your partner for a frank, open conversation. These scenarios and subjects can dredge up strong emotions – no one wants to think about their loved one passing away – but it’s essential to make practical provisions for the future. Talk it over, leave space for emotions, and then discuss the merits of individual policies.
If you’re considering getting life insurance, these facts should give you some momentum as you make the decision. And if you haven’t considered it yet, review these points with your partner to start a dialogue.