|
Millions of Americans will take the plunge and get married this
year. Because brides and grooms are busy finalizing the details
that need to be sorted out before their special day-from choosing
a reception site and florist to shopping for the perfect wedding
dress and sending invitations-many will forget to plan for their
financial future together as a married couple.
Marriage will impact a couple's life in many ways, particularly
when it comes to finances and insurance protection. It is advisable
to spend some time re-evaluating life insurance needs and financial
goals before saying "I do."
The earlier a couple begins to communicate about their financial
objectives, the more likely they'll be able to establish a solid
foundation for the future. Life insurance is one aspect of a financial
plan that should not be overlooked. If you think life insurance
is just for "old people," think again.
While marriage fosters a new spiritual union, it also creates a
new financial union that often includes combined debt from student
loans and credit cards. Purchasing a life insurance policy to cover
some of this debt should be considered early on because generally
the younger you are, the lower the premium will be.
Two of the basic types of life insurance are whole life and term
life. Whole life is permanent insurance-it's yours for as long as
you continue to pay the premiums. The premiums are fixed and the
insurer cannot cancel the policy. Over the long term, the policy
builds "cash value" that can be accessed to help meet
one's financial needs. Term insurance provides inexpensive coverage
over a predetermined period of time-five years, 10 years, etc. It
is pure protection and does not build cash value. Either type, or
a combination of the two, may be suitable depending on one's needs,
goals and attitudes.
When planning the wedding of your dreams, remember to shop around
for the right insurance agent to help you make important decisions
about purchasing the appropriate life insurance policy for your
needs.
From Morris Communications |
