The “honeymoon period” isn’t exactly known for organising the more serious and laborious matters of marriage, but realistically, you can’t leave it too long after you get married to sort out your life insurance. For some, organising life insurance can be a headache at the best of times, so the added complications brought by marriage makes it something that’s pretty easy to procrastinate from doing. It is very important though, so Cuuver.com have decided to lend you some tips to help you compare the different life insurance policies available from the UK’s top providers.
Do we really need life insurance upon getting married?
In short, yes. It may vary in importance depending on how financially reliant you and your spouse are on each other, but it would be quite risky going on without it. For example, if you suddenly passed away, would your partner be able to pay their rent? It might not be a nice thing to think about, but it needs to be considered if you want to make sure your future is financially secure. Even if you aren’t financially dependent on your partner, insurance premiums are particularly low when you are young, so this would still be a good time to get life insurance.
Work out the cover you may need
Before you compare life insurance quotes, the first thing to do is to work out the amount of cover you need. It is recommended that you buy an insurance policy that covers at least 10 times your net annual income. This will vary depending on your own personal circumstances, but it is a good starting point if you are unsure on how much to buy. You should also consider how long you need to be covered. If you are planning on having kids, it would be wise to get a policy that covers you until they graduate and leave home, as they will probably be financially dependent on you until this point.
Consider your options
There are a lot of life insurance options available to you, including policies exclusively available for married couples. As these are designed for married couples, they may be your best bet at getting cheap life insurance. However, it’s a good idea to compare them to the life insurance quotes you can get individually beforehand to make sure you aren’t getting ripped off.
It’s also worth checking if your employer offers any life insurance benefits to spouses. If both yours and your partner’s employer offer this, compare them and decide if you should join your spouse’s plan or if your spouse should join yours.
You may already have life insurance. If this is the case, and you want to change policies, don’t panic, as marriage is classified as a change in circumstances that allows you to make changes in your policy. You can change your plan or add your spouse to your existing plan, but if you are going to do that, you have to do so within 60 days of your wedding day, so you really need to strike while the iron is hot to get yourself the best deal.
This should not be construed as advice and is guidance only.