Life Insurance for the Engaged Couple

Millions of Americans will take the plunge and get married this year. Because brides and grooms are busy finalizing the details that need to be sorted out before their special day-from choosing a reception site and florist to shopping for the perfect wedding dress and sending invitations-many will forget to plan for their financial future together as a married couple.

Marriage will impact a couple's life in many ways, particularly when it comes to finances and insurance protection. It is advisable to spend some time re-evaluating life insurance needs and financial goals before saying "I do."

The earlier a couple begins to communicate about their financial objectives, the more likely they'll be able to establish a solid foundation for the future. Life insurance is one aspect of a financial plan that should not be overlooked. If you think life insurance is just for "old people," think again.

While marriage fosters a new spiritual union, it also creates a new financial union that often includes combined debt from student loans and credit cards. Purchasing a life insurance policy to cover some of this debt should be considered early on because generally the younger you are, the lower the premium will be.

Two of the basic types of life insurance are whole life and term life. Whole life is permanent insurance-it's yours for as long as you continue to pay the premiums. The premiums are fixed and the insurer cannot cancel the policy. Over the long term, the policy builds "cash value" that can be accessed to help meet one's financial needs. Term insurance provides inexpensive coverage over a predetermined period of time-five years, 10 years, etc. It is pure protection and does not build cash value. Either type, or a combination of the two, may be suitable depending on one's needs, goals and attitudes.

When planning the wedding of your dreams, remember to shop around for the right insurance agent to help you make important decisions about purchasing the appropriate life insurance policy for your needs.

You can start your search with New York Life at to find an agent in your town.

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