Protect your dreams when you marry
If you're a newlywed, or about to become one, congratulations! You are embarking on an exciting new beginning of shared hopes and dreams.
When you marry, you're not just planning a wedding – you're planning a life together. And that includes taking on new financial responsibilities for each other. It may not seem especially romantic, but one of the best wedding gifts newlyweds can give each other is life insurance†. With your new mutual financial obligations, life insurance is no longer a luxury; it's a necessity.
Plan for a secure future
Whether this is your first or second marriage, it's essential to look at your insurance needs in terms of the future you plan to build together. Since so many of your hopes and plans are contingent on your incomes, you each need insurance to replace earnings and cover debts in case of the premature death of one spouse.
Every newlywed couple's situation is unique and will continue to evolve over the years. Make sure that your insurance plan will cover your specific needs for today, and also have the flexibility for you to adjust your coverage to suit the changes that lie ahead.
Protect each other
As newlyweds, you and your spouse each need to take steps to ensure that the other is protected in the event of a premature death. If you already have an insurance policy through your employer, this would be a good time to review its provisions. You may find that you need additional coverage or a more flexible policy. If this is a second marriage, be sure to review and update beneficiary designations as well as coverage.
Will you and your spouse be moving to a bigger apartment, upgrading your furniture, or buying a car? Or maybe you have plans to purchase a condo, house, cottage, or timeshare. Anytime your expenses increase or you take on new debt, you may need to increase your insurance coverage. Otherwise, the surviving spouse could be left struggling to make payments.
Perhaps you or your spouse has dreams of one day becoming self-employed. If so, make sure that the insurance plan you set up offers the freedom to adjust your future coverage in line with the needs of a business owner.
And baby makes three
Having children increases your insurance needs dramatically. If you're planning to have kids, both of you need adequate coverage, whether you're working or staying home to raise a family.
The right advice
By planning ahead and acting early, you can get the coverage you need to fit your budget now, along with the flexibility and freedom to adjust your coverage in the years to come. Professional advice can help both of you start out your married life with a sense of security that will follow you through all of life's changes.
Talk to your BlueShore Financial insurance advisor today.