Life Insurance Guide for Married Couples (2024)
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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Eric Stauffer
Founder & Former Insurance Agent
Eric Stauffer is an insurance agent and banker-turned-consumer advocate. His priority is educating individuals and families about the different types of insurance coverage. He is passionate about helping consumers find the best coverage for their budgets and personal needs. In addition to founding Expert Insurance Reviews, Eric is the CEO of C Street Media, a full-service marketing firm and the...
Founder & Former Insurance Agent
UPDATED: Nov 10, 2023
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: Nov 10, 2023
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.
Average $100,000 Term Life Insurance Policy Rates for a Non-Smoker by Age, Gender, and Term
| 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 |
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.
Case Studies: Life Insurance Strategies for Married Couples
Case Study 1: John and Sarah – Term Life Insurance for Young Married Couple
John and Sarah are a newly married couple in their late 20s. They both have stable jobs and are planning to start a family soon. They decided to explore life insurance options to secure their financial future. After researching different policies, they opted for a term life insurance policy for a 20-year term with a coverage amount of $500,000.
The policy would provide financial protection for their mortgage, living expenses, and potential future expenses related to raising children. By comparing quotes from multiple insurance companies, they were able to find an affordable premium that fit their budget.
Case Study 2: David and Emily – Whole Life Insurance for Middle-Aged Couple
David and Emily are a middle-aged married couple with grown-up children. They have been saving for retirement and want to leave a financial legacy for their children and grandchildren. After consulting with a financial advisor, they decided to purchase a whole life insurance policy that would provide coverage for their entire lifetime.
They opted for a coverage amount of $1 million, which would not only cover their final expenses but also leave an inheritance for their loved ones. By choosing whole life insurance, they could also build cash value over time, which they could potentially use for future financial needs.
Case Study 3: Michael and Alex – Joint Life Insurance for Same-Sex Married Couple
Michael and Alex are a same-sex married couple in their early 40s. They have been together for many years and recently tied the knot. They wanted to ensure that their spouse would be financially protected in the event of their death. They opted for a joint life insurance policy, also known as a “first-to-die” policy.
This type of policy covers both spouses under a single policy and pays out the death benefit upon the first spouse’s death. They chose a coverage amount of $750,000, which would help their surviving spouse maintain their current standard of living and cover any outstanding debts.
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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.
Frequently Asked Questions
Why is life insurance important for married couples?
Life insurance is important for married couples because it provides financial protection for your spouse and dependents in the event of your death. It ensures that your loved ones are financially secure and can maintain their quality of life even if you’re no longer there to provide for them.
What types of life insurance are available for married couples?
There are two primary types of life insurance: term life insurance and permanent life insurance. Term life insurance provides coverage for a specific period, usually 10, 20, or 30 years. Permanent life insurance, such as whole life or universal life, offers lifelong coverage and includes a cash value component.
How much life insurance coverage do married couples need?
The amount of life insurance coverage needed varies depending on individual circumstances. It’s generally recommended to have coverage that is sufficient to replace your income, pay off debts, cover funeral expenses, and provide for your family’s future financial needs. Factors like your income, debts, number of dependents, and future expenses should be considered when determining the coverage amount.
Can married couples have a joint life insurance policy?
Yes, married couples can have a joint life insurance policy known as a “joint life” or “first-to-die” policy. This type of policy covers both spouses under a single policy and pays out the death benefit upon the first spouse’s death. It can be a cost-effective option for couples who want to ensure financial protection for each other.
Should married couples consider individual life insurance policies in addition to joint policies?
While joint life insurance policies can be convenient and cost-effective, they may not meet all the needs of married couples. It’s often beneficial for couples to have individual life insurance policies in addition to any joint policies. Individual policies provide flexibility, allow for customization, and ensure that each spouse has sufficient coverage based on their specific circumstances.
Are you looking for free insurance quotes?
Your one-stop online insurance guide. Get free quotes now!
Secured with SHA-256 Encryption
Eric Stauffer
Founder & Former Insurance Agent
Eric Stauffer is an insurance agent and banker-turned-consumer advocate. His priority is educating individuals and families about the different types of insurance coverage. He is passionate about helping consumers find the best coverage for their budgets and personal needs. In addition to founding Expert Insurance Reviews, Eric is the CEO of C Street Media, a full-service marketing firm and the...
Founder & Former Insurance Agent
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.