As you and your partner get married or move in together, your insurance needs may change.
If you have made long-term financial commitments together such as having children or purchasing a house, consider what might happen if one of you were to die. Would the surviving partner be able to pay for these long-term commitments all by him or herself? Many couples purchase life insurance as a way of protecting their surviving loved ones from the possibility of financial distress.
When considering buying life insurance as a couple, first look at what coverage you may already have. For example, some people have coverage through their benefit package at work.
If you decide to purchase insurance, there are two common policy options you should know about: joint first-to-die term policies and single term policies. Before purchasing either, make sure you’ve fully considered the potential benefits and drawbacks of each:
Joint first-to-die term insurance
Single term insurance
As your living arrangements change and your relationship develops, re-evaluate your property and casualty insurance coverage to make certain that it reflects your needs. For example, if you and your partner will now be sharing your automobile, make sure your auto insurance policy has your partner listed as an alternate driver. If your partner is moving into your apartment, check with your tenant (renter’s) insurance provider to be sure that your partner’s belongings will be covered by your plan.