The summer months of June, July, and August are truly the peak wedding season.  Brides and grooms have been diligently planning over the past year to create an event of lifelong memories.  Whether you’re the bride or groom, a member of the wedding party, or simply a guest, weddings create an environment of love and mutual caring for one another.

But weddings also necessitate something many newlyweds may overlook: term life insurance.

After the Wedding, Understand Your Life Insurance Needs

What would happen if something unthinkable were to happen to you?  What if “until death do us part” became an unfortunate reality?  The “what if” explains why marriage is an incredibly important time to review your needs for life insurance protection.

Once You’re Married, Review Your Term Life Insurance Policy

Ideally, reviewing your life insurance coverage and making adjustments to meet your new financial obligations should be the first thing that you do as a married couple–even before the honeymoon.  If you already have an existing life insurance policy, getting married is the best time to update the beneficiary designation to name your spouse as the beneficiary.

Newlyweds and Term Life Insurance Coverage

Most newlywed couples do not need extremely high levels of life insurance coverage, but securing coverage at a younger age is a sound financial decision.  The younger and healthier you are, the better rate you’ll receive for term life insurance As you begin to purchase things together (such as a house and/or vehicles) and acquire debt, it is important to make sure you are adequately covered in the event of a catastrophe.  Many find it easy to pay their mortgage when they are part of a two-income household, but those same people could find themselves in a financial pinch if something were to happen to their partner and they had to survive on their income alone.

How Much Term Life Insurance Coverage Do You Need?

The level of term life insurance you need depends on a lot of things–your income, number of dependents, amount of debt you own, your status as a homeowner, etc.  In any event, you should have enough life insurance to enable your surviving family members to maintain their current lifestyle.  Whether that amount is $250,000, $500,000 or more, your family members should be left financially secure until they can comfortably provide for themselves.  A licensed life insurance agent can help decide what coverage level is best for you.

As your marriage happily continues into your golden years, you should review your life insurance policy at least every three years, if not more often. Rates may be lower, and your circumstances may have changed, necessitating a change in your protection.  If you are replacing a policy, make sure you allow enough time to get your new policy in place so coverages won’t overlap or lapse.