Affordable Life Insurance for Newlyweds
Life insurance for newlyweds is typically easy to find, and newlyweds have a lot of options when it comes to life insurance policies. Many people choose term life insurance for newlyweds as it is often cheaper and it offers more flexibility for each spouse.
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Written by
Chelsey Tucker
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Reviewed by
Daniel Walker
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UPDATED: Feb 5, 2022
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- Life insurance could help you avoid financial burdens if one of you passes away unexpectedly
- Life insurance rates for newlyweds will probably be less expensive if you get married at a young age
- A term life insurance policy for newlyweds may be a great choice since policies are cheaper and easier to purchase than permanent policies
If you’ve recently gotten married — or if you will be married in the near future — you may find it a bit daunting to shop for life insurance as newlyweds. There are many different types of insurance available, but some life insurance policies and life insurance companies may work better for you as a newly-married individual than others.
You’ll want to be sure you understand the different types of life insurance policies out there in order to make an informed decision when it comes to life insurance coverage. Are you looking for term life insurance for married couples? Would a whole life policy work best? These are questions to consider as you begin your search for life insurance for newlyweds.
As you do your research to find the best life insurance for married couples, be sure to compare life insurance quotes from plenty of different companies. This will help you make sure you do not end up paying too much for coverage.
You can use our free quote tool above to get started in your search today as you compare life insurance quotes from top companies in your area.
Table of Contents
What is the best life insurance for newlyweds?
Many newlyweds shopping for life insurance can become overwhelmed by the available options when it comes to the different life insurance types, companies, and policies out there. The truth is, what you will need as a newly married couple may be different from your friends and relatives. The policy that will work best for you will be specific to your needs and the needs of your spouse.
Your life insurance policy will also take into account your future plans. If you are planning to purchase a home or start a family, your life insurance policy should be one that will protect you financially if one of you passes away unexpectedly.
Typically, newlywed couples are intrigued by term life insurance policies. Purchasing separate term life policies is an extremely affordable option for young couples. This gives both spouses a lot of flexibility to customize their own coverages, which could also help if they get divorced in the future.
Joint life insurance policies are another option for newlyweds, but a joint life insurance policy will often cost a good bit more than individual term life insurance policies. Where a term life policy protects each spouse for a certain amount of time — typically anywhere from 10 to 30 years — a joint life insurance policy is often a permanent life insurance policy that will last a lifetime.
Some joint policies are also set up so that they only payout after both spouses die. This is obviously a downside to a life insurance policy for newlyweds as neither spouse would benefit directly from a policy’s payout in terms of a death benefit.
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Should we get first-to-die life insurance as newlyweds?
First-to-die life insurance is a specific joint policy option for newlyweds. This type of joint policy exists to protect one spouse if the other happens to die unexpectedly. With a first-to-die policy, the surviving spouse will receive the death benefit of the policy. The major drawback to this type of policy is that there will likely be no death benefit for any heirs or other beneficiaries.
If you are interested in making sure your spouse will be protected in the event of your death, you may want to consider a term life insurance policy that names your spouse as one of the beneficiaries — if not the sole beneficiary — of your policy. This may make you comfortable enough that you do not need to purchase a joint policy, which would allow both spouses to maintain flexibility within their own life insurance policies.
Other types of permanent life insurance, such as whole, universal, and variable life insurance, are also options for newlyweds. Like a joint policy, these life insurance options will cost a good bit more than a term policy, but they will offer more protection over time where term policies eventually run out.
If you already have life insurance, you may consider a spousal rider for your life insurance policy. A spousal rider is an add-on that will offer your spouse coverage if you pass away. This type of rider is especially helpful if your spouse cannot qualify for his or her own life insurance policy. Often, spousal riders have death benefit restrictions that don’t usually apply to other life insurance policies.
What’s the average cost of life insurance for a married couple?
How much you will pay for life insurance as a newlywed will depend on a number of factors, including:
- Your age
- Your gender
- Your health status
- Your credit score
- Your occupation
- Your lifestyle
- Your tobacco use
As stated previously, most term life insurance policies are less expensive than whole life insurance policies. The table below shows the average monthly rates with different companies for a 10-year, $100,000 term life policy for non-smokers based on a person’s age and gender.
Average Monthly Term Life Insurance Rates for Non-Smokers by Age – $100,000 / 10-Year Term
| Non-Smoker Age & Gender | Prudential | Lincoln National | MassMutual | Aegon/ Transamerica | John Hancock | State Farm | Minnesota Life |
|---|---|---|---|---|---|---|---|
| 25-Year-Old Female | $12.25 | $9.46 | $8.36 | $9.89 | $8.78 | $12.44 | $7.04 |
| 25-Year-Old Male | $13.83 | $9.46 | $9.23 | $11.27 | $9.64 | $14.27 | $7.37 |
| 30-Year-Old Female | $12.25 | $9.46 | $8.53 | $9.72 | $8.78 | $13.14 | $7.04 |
| 30-Year-Old Male | $13.92 | $9.46 | $9.23 | $10.06 | $9.64 | $14.70 | $7.37 |
| 35-Year-Old Female | $12.25 | $9.56 | $8.88 | $10.66 | $8.78 | $14.44 | $7.15 |
| 35-Year-Old Male | $13.92 | $9.56 | $9.31 | $11.09 | $9.64 | $15.23 | $7.48 |
| 40-Year-Old Female | $13.30 | $9.94 | $10.10 | $12.47 | $9.45 | $15.49 | $8.14 |
| 40-Year-Old Male | $15.67 | $10.61 | $10.53 | $13.33 | $10.63 | $16.36 | $8.25 |
| 45-Year-Old Female | $16.28 | $12.69 | $11.58 | $14.02 | $11.54 | $20.71 | $10.01 |
| 45-Year-Old Male | $17.68 | $14.53 | $12.97 | $15.65 | $13.10 | $20.79 | $11.00 |
| 50-Year-Old Female | $21.27 | $15.95 | $14.62 | $17.46 | $14.80 | $23.49 | $12.65 |
| 50-Year-Old Male | $21.88 | $20.74 | $16.97 | $20.21 | $15.81 | $26.54 | $14.74 |
| 55-Year-Old Female | $23.80 | $21.50 | $20.28 | $25.89 | $19.58 | $29.67 | N/A |
| 55-Year-Old Male | $28.18 | $27.66 | $24.10 | $30.10 | $22.44 | $34.45 | N/A |
| 60-Year-Old Female | $29.49 | $29.84 | $28.19 | $36.98 | $27.30 | $40.98 | N/A |
| 60-Year-Old Male | $37.72 | $39.03 | $35.50 | $42.66 | $35.15 | $51.50 | N/A |
| 65-Year-Old Female | $41.13 | N/A | $42.64 | $59.94 | $37.74 | $59.51 | N/A |
| 65-Year-Old Male | $58.45 | N/A | $61.68 | $71.29 | $55.74 | $83.09 | N/A |
The table above shows that term life insurance rates are typically higher for men than for women, and they also increase over time. It is important to note, too, that life insurance rates vary from one company to the next. This is why it is so important to shop around for a life insurance policy before you make a final decision on your life insurance coverage.
If you are choosing a whole life insurance policy rather than a term life policy, you’ll want to take into account that monthly rates could be substantially more expensive. This is especially true if you are in your 50s or older when you get married.
How can I find newlywed life insurance?
When you’re shopping for a life insurance policy as a newlywed, it’s very important that you compare policies from several different companies. This will help you see what different policy types are available, and it will also help you assess different life insurance rates.
As a newlywed, you should not get stuck paying high rates for your life insurance coverage. Instead, you can take your time and shop around until you find a policy that works best for you. Be sure to call individual companies that you’re interested in and see if you qualify for any life insurance discounts that could make your monthly rates even cheaper.
You can use our free quote tool below to find and compare newlywed life insurance rates from some of the best companies in your area today.