What's the Best Life Insurance for Married Couples?

In many ways, life insurance policies benefit married couples the most. If you have a relationship with someone, you likely don’t want to leave them behind with heavy financial obligations upon your death. It’s worthwhile to take care in considering your life insurance coverage options. There are a few types of life insurance which can benefit couples in particular. 

The Joint Couple Policy 

Joint couple policies cover two people, which gives you the convenience of insuring both partners on the same policy. A joint couple policy helps a remaining partner handle financial stresses if the other partner passes away. This type of life insurance policy provides a lump sum benefit to the remaining partner, giving them a financial safety net. This payout serves as an income replacement, too, which gives them the ability to maintain their current lifestyle, even if they no longer have your income. 

Insurance for Stay-At-Home Partners 

Because life insurance serves as income replacement, it might seem as if non-working parents might not need it. This isn’t the case, however. Even though non-working parents don’t provide income directly, they still perform household labors which would need replacement if a partner passed away. 

As insurance experts report, non-working spouses can often qualify for a maximum 100 percent of their working spouse’s coverage. So whatever your spouse has, you can have as well. In any event, this will keep the remaining partner cared for. 

Permanent Life Insurance 

This type of life insurance will last your entire life (as long as you remember to pay the premium). It also builds cash value over time. You can often take a loan for the cash value, which might help if you and your partner are both facing considerable financial struggles. 

If you’re investing in a life insurance policy, it’s a good idea to keep both yourself and your partner covered. Life isn’t predictable, but comprehensive financial protection is. Take care in browsing life insurance policies crafted for married couples, as doing so will help you find the best benefits around.