Life Insurance for a Married Couple (Discounts & Rates)
Life insurance for a married couple is something to consider if you and your spouse rely on each other financially. When you’re deciding on life insurance for your married life, a few financial factors to keep in mind include final expenses, debts, and income needs. If any of those will be challenging to manage if one spouse dies, a life insurance policy is a good idea. Getting quotes for married couple life insurance is a good place to start when shopping for the right policy for your needs.
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Written by
Laura D. Adams |
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Reviewed by
Leslie Kasperowicz
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UPDATED: Jun 1, 2022
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Jun 1, 2022
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Life insurance for married couples can provide financial protection if one spouse dies
- There are multiple policy types to consider including term and whole life insurance, which are individual life insurance policies, and first-to-die and second-to-die life insurance, which are joint policies
- You’ll also need to decide on the policy coverage amounts, which will vary based on your needs and current finances
When you’re looking for ways to plan for your future, one component that can be incredibly confusing but important to decide on is life insurance. Even if you’re single, this can be complex, but what if you’re married? All the details of married life can seem overwhelming.
Can you buy life insurance for a married couple? What do you need to know? How does life insurance coverage differ if you are in a same-sex marriage, an opposite-sex marriage, or common law marriage?
When it comes to insurance for married people, read this article to find out what type of policy you need.
If you want to buy an affordable joint life insurance policy for a married couple, it’s as easy as entering your ZIP code in the free tool on this page to start comparing quotes on life insurance for a married couple today.
Table of Contents
Why should married couples get life insurance?
Married couples should consider getting life insurance for financial protection if something happens to one spouse.
This is particularly important if you rely on each other for financial support in any way because the missing income will need to be replaced so the living spouse can remain financially solvent. According to the Insurance Information Institute, you should consider three finance categories: final expenses, debts, and income needs.
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What type of life insurance should married couples get?
There are several types of life insurance options for married couples, but in most cases, you’ll find that a term life insurance quote for married couples is the most affordable. With term life insurance, you’ll have coverage for a set period of time, defined by the terms of your policy.
Other life insurance policy options include:
- Whole life insurance – this is an individual policy that provides coverage for your entire life; it also has a cash value associated with it that can be borrowed against, if needed
- First-to-die life insurance – this is a joint policy that includes a payout to the surviving spouse, but the coverage ends at that time (even though it was a policy on both individuals)
- Second-to-die life insurance – this is a joint policy that provides a payout to surviving heirs after both spouses have died
If you’re a newlywed, it’s the perfect time to make decisions about life insurance. This is especially true because the longer you wait and the older you are, the more a life insurance policy will cost you.
Take a look at this table to see what we mean. We averaged term life rates from some of the largest life insurance companies in the country for non-smokers purchasing a $100,000 policy with three different term lengths to give you an idea of how rates can increase with age.
| Age (Non-Smoker) | Monthly Rates for a $100,000, 10-Year Policy for Men | Monthly Rates for a $100,000, 10-Year Policy for Women | Monthly Rates for a $100,000, 20-Year Policy for Men | Monthly Rates for a $100,000, 20-Year Policy for Women | Monthly Rates for a $100,000, 30-Year Policy for Men | Monthly Rates for a $100,000, 30-Year Policy for Women |
|---|---|---|---|---|---|---|
| 25 | $11.14 | $10.78 | $12.26 | $10.79 | $15.20 | $12.90 |
| 30 | $11.02 | $10.89 | $12.04 | $10.96 | $15.87 | $13.41 |
| 35 | $11.31 | $11.34 | $13.02 | $11.69 | $16.67 | $14.32 |
| 40 | $12.74 | $12.43 | $14.99 | $13.42 | $21.69 | $18.10 |
| 45 | $15.67 | $15.26 | $19.61 | $17.09 | $29.03 | $23.15 |
| 50 | $20.23 | $19.01 | $26.72 | $22.08 | $40.18 | $32.24 |
| 55 | $27.51 | $24.16 | $41.17 | $31.31 | $79.06 | $55.42 |
| 60 | $39.57 | $32.50 | $66.33 | $50.76 | Not Available | Not Available |
| 65 | $65.54 | $48.87 | $113.44 | $80.73 | Not Available | Not Available |
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Keep in mind these rates are for a fairly small life insurance policy and will vary based on your policy type, size, and duration, as well as your age, health factors, where you live, and more.
How much life insurance do married couples need?
Only you can decide exactly how much your policy should be, based on your income, bills, debts, and how much you can afford to pay in premiums (since life insurance is an additional expense). However, it’s a good idea to consider purchasing a policy that is at least 10-to-12 times your annual salary.
Life Insurance for a Married Couple: The Bottom Line
If you’re married, you should consider whether a life insurance policy is right for you. Things to consider include final costs (like funeral expenses), debts, and income needs if you or your spouse die. If you decide to buy a policy, you’ll need to decide what kind, individual or joint, and term or whole life insurance.
Before you go, if you want to buy life insurance for a married couple, you can get started right now by using your ZIP code in our free tool. Start comparing rates on life insurance for a married couple and find an affordable life insurance company today.
Are you looking for free insurance quotes?
Your one-stop online insurance guide. Get free quotes now!
Secured with SHA-256 Encryption
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
|
Written by
Laura D. Adams |
|
Reviewed by
Leslie Kasperowicz
|