How Marriage Affects Your Life Insurance Policy

The vows have been said, the cake’s been cut, and the honeymoon was undoubtedly delightful – congratulations! Now the marriage begins. You’ll quickly find there’s more to it than the bliss you were promised by well-intentioned friends and family. With this new stage in life comes a new set of responsibilities and worries. One concern that can be laid to rest early on is what might happen should you or your spouse pass away.  A life insurance policy protects you or your spouse against the financial loss resulting from the death of the insured. Whether your spouse already has a life cover policy or you’re looking to add them to yours, there is never a bad time to review your life cover policy or look out for a new and more comprehensive policy.

This article looks at what your life cover policy should cover to properly protect you, your spouse or any children you might have in the coming years.

Why Should You Invest In Life Insurance For Your Spouse?

There is a misconception that the only purpose behind life insurance is only to cover the costs of a funeral, which is why few know the difference between life cover and funeral insurance. But there’s a bit more too it.

As you link your life with that of your new spouse, you also begin to share the responsibilities you bore prior to your marriage. These can be assets like an apartment or a car as well as the debts that may come with them. This is why both you and your spouse need a life cover policy: to protect each other from any debts accrued and maintain any assets that are left behind in the event that one spouse passes on.

Life insurance policies also helps to cover the basic necessities of your beneficiaries, which includes your spouse and any children you may have. A life insurance pay-out can cover residual medical bills, unpaid debts, and if nothing else, it may support your family’s day-to-day life for a brief time, especially after the loss of the main breadwinner.

Ideally, your spouse shouldn’t be your sole beneficiary, in case both of you should pass away around the same time. So, make sure you define more than one beneficiary in your policy.

What More Can A Life Insurance Policy Cover?

Apart from the cash pay-out upon death, the insured can make use of the following options:

  • Dread disease / Critical illness cover: This cover, which is sometimes an add-on benefit or offered as a separate policy, covers the costs associated with the insured suffering a serious illness like cancer. This benefit can foot the bill for at-home care by a nurse or cover a treatment that your medical aid won’t.
  • Disability cover: You can claim from your life insurance policy yourself, if you suffer an accident that leaves you unable to maintain an income.
  • Accidental death: This benefit allows your beneficiaries to claim should you pass away due to an accident before the required waiting period is up.

 

Life insurance is a critical necessity for any couple starting a life together and it will only become more vital as your assets or your family increase. You may own property together in the near future or want to provide for your children. You can’t put a price on life, but you can bet there is a life cover policy you can afford!