After marriage, there are many financial decisions that couples must make together. Family planning, buying a home, retirement, and life insurance. Life insurance is a topic that never crossed my mind before getting married. It was a very emotional topic to me and forced me to think about my own mortality and what would happen to my husband and kids if something tragic were to happen. Not exactly something I wanted to read right after our beautiful wedding. My husband encouraged me read a few articles to get better acquainted with the reason that life insurance is really a necessity in a marriage. It becomes even more of a necessity when you begin adding children to your family!
It’s very important to have a budget in place and figure out exactly how much money is required to run your household, live comfortably, and how much to put aside for savings and retirement. Genworth offers a Budget Calculator that my husband and I use quite often when working on our financial goals and plans. See below:
Once you have your budget set, it’s time to decide exactly how much life insurance you need to purchase. Be sure to take into consideration car payments, your mortgage, health care, education for children, and so much more. Keep in mind, it’s not really about how much life insurance you need, it’s how much money your family will need if something were to happen to you and/or your spouse.
If you’re like me, and you were unsure that you really needed to think about life insurance so soon, check out this great article about women and life insurance. I highly recommend checking it out.
Do you have a plan if something were to happen to you or your loved ones?