Life Insurance and getting marriedDiscover information about getting Life Insurance cover as a married couple.
Here’s some useful information about getting Life Insurance for a couple.
When you choose to spend the rest of your life with someone, you want that life to be as great as possible.
Why is Life Insurance important?
If you are in a long-term relationship at some point you will begin to talk about the future, which possibly extends to sharing finances.
You might have just taken out a personal loan or built up credit card debt to cover an engagement or wedding celebration. Perhaps you’ve already started a family, or are working towards these important life events and you want to seek a degree of financial security for the long-term future of you and your loved ones.
These are strong reasons to consider buying Life Insurance when living as a couple. In the unfortunate event that something was to happen to you or your partner that forcibly reduced your joint fixed income, you need to make sure the other person is able to get by with the assets left behind.
With NobleOak’s Life Insurance, you can help to protect everything you’re building towards against the financial consequences of a serious illness or injury, so you can keep doing the things you love without having to worry about money.
Life Insurance options for couples
Discover the main Life Insurance products available at NobleOak to help improve your financial circumstances should the unexpected happen.
You may have a mortgage or other debts you are solely responsible for. Life Cover can help reduce or eliminate these debts if you die or become terminally ill.
Income Protection Insurance
Income Protection Insurance can help you keep paying your bills if you can’t work due to illness or injury.
You have a long career ahead of you with high earning potential. TPD Insurance can help you take care of yourself and maintain your lifestyle if you become permanently disabled.
Serious illnesses like certain forms of cancer can strike at any age. If it happens to you, Trauma Insurance (also known as critical illness cover) can help you pay for the best treatment so you can recover sooner.
Choosing a Life Insurance beneficiary
Married couples should have a straightforward decision in nominating a beneficiary. The most obvious choice is listing a partner, and sometimes given the option, listing a parent as a contingent beneficiary.
Should you pass away, the lump sum paid to the nominated beneficiary can go towards a mortgage and other regular bills to help ensure that they live comfortably financially.
Other beneficiary considerations can include a charity of your choice, or other friends and family members.
Life Insurance and divorce
It has been reported that 70% of people who have some form of Life Insurance cover are married or engaged. Of those people with some form of Life Insurance, only 5% who were divorced or separated had cover compared to 15% if single, and 9% if in a relationship.
People who go through a divorce and have Life Insurance should consider reviewing their Life Insurance after legal divorce proceedings. As a minimum you will need to review who you have listed as your beneficiary and update it if necessary. It’s also a good idea to check if the amount and type of cover are still appropriate for your new situation.