The perfect time to protect your future
In all the excitement of getting engaged or married, Life Insurance is probably one of the last things on your mind. After all, no-one likes to think about the bad things that can happen, especially at a time like this. In reality, though, now is the perfect time to consider Life Insurance – especially if you have plans to buy a new home or start a family. The fact is that sometimes misfortunes do befall us, and it makes sense to help make sure your loved ones are fully protected, should the worst happen.
For many people let alone those planning a wedding, the very words ‘Life Insurance’ bring a feeling of confusion – there are so many things to consider it can be hard to know where to start. Don’t worry – it’s simpler than you think. Here, we’ll guide you through the key issues in straightforward language, to help you decide what you should do. In particular, we’ll look at the following commonly asked questions:
Why is getting married a good time to look at Life Insurance?
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The benefits of Life Insurance for newlyweds
Having appropriate Life Insurance brings many benefits. The cost of premiums can be tailored to your budget and needs, and it can give you the peace of mind knowing that your loved ones are financially secure should anything happen to you. For example:
- Your partner won’t have to worry about money during an already difficult time.
- Life Insurance pay-outs can be spent any way you wish, so they can pay off any loans and debts you may have.
- Your children, or other financial dependents, will be looked after if you’re no longer there to provide.
- Typically, the younger you are when you take out a policy, the cheaper it will be. This rate is then locked in for the remainder of the policy term.
What types of Beagle Street Life Insurance policy should we consider?
Level Term Life Insurance
As the name suggests, the pay-out for Level Term Life Insurance policies stays the same over the term of the policy (it doesn’t decrease). This means that the death benefit is constant. This type of policy is often used by parents to support dependents, should one or both parents pass away.
Decreasing Term Life Insurance
This is often used to provide coverage for a financial product with a value that drops over time, such as a loan or mortgage. As the amount that has to be repaid falls with time, so the pay-out offered by the policy also decreases – hence its name. Typically this is the cheaper option for life insurance cover.
Should we have one policy between us, or separate plans?
This type of policy can be a good choice for newlyweds who are trying to save money.
- A joint policy is usually cheaper than taking out two individual Life Insurance policies.
- Joint policies pay out regardless of which partner dies.
- When one of the policyholders dies, the pay-out is made and then the policy ends (this is called a ‘first death’ basis). If the surviving partner wants to stay insured, they need to take out another policy.
- If a relationship breaks down, there can be issues over who is entitled to any pay-out.
Two separate policies
The advantages of maintaining separate policies include:
- You can insure for different amounts. Separate policies allow you to insure each person for a different amount – you can, for example, take out a higher level of insurance for the family’s highest earner.
- In the event that your relationship breaks down, there are no worries about what happens to the policies. But if this is the case, you may want to change the trustee on your policy.
- Single policies are usually (but not always) more expensive than joint policies.
How much should we insure for?
In the UK, more than 100 children lose a parent every day. 
How to protect your Life Insurance pay-out from tax
Your next decisions:
How much cover do I need?
Don’t know how much cover you need? Use our handy Life Insurance calculator for help.
Check out our collection of handy guide pages to help answer any further questions you may have about Life Insurance.