Why childless couples should still purchase life insurance

There are many solid reasons to purchase term life insurance; however, if you are a childless married couple, you may wonder if these reasons apply to you. Should you obtain life insurance, for example, if you do not have children? What if you continue to rent or are still paying off your college loans? Should you include an affordable premium for term life insurance in your monthly budget?

We answer yes, and because term life insurance policies can be even more economical for those who begin coverage when they are young and healthy, we advocate applying for coverage as soon as possible. A solid term life insurance policy covers the people you love, such as your spouse, your parents, any children you may have in the future, and any dependents who could benefit financially from your support. Even your life insurance policy can be used to leave a philanthropic legacy that represents your ideals. Want more information? The following are five reasons why childless married couples should purchase life insurance.

Life insurance protects your spouse

Your partner definitely depends on you more than you realise if you are married. Not only do you help each other with the day-to-day tasks associated with establishing a house together, but you also help each other financially. Purchasing a life insurance policy will allow you to continue supporting your partner even after death.

If you and your spouse share a mortgage, for instance, a term life insurance policy matched to the length of your mortgage could assist your spouse in continuing to make the monthly payments. However, this is not the only reason to consider purchasing life insurance after marriage. A term life insurance death benefit could also provide your partner with the financial flexibility to pay off your final costs without incurring debt, grieve and plan for the future without having to worry about how they'll pay the bills.

Life insurance protects your parents

Many young people may not consider the financial hardship that an unexpected death could have on their parents. For example, your parents may wish to cover all or a portion of the expenditures connected with funerals and memorial ceremonies, which can be significantly greater than most people anticipate.

And while parents are not usually legally accountable for their children's debts, it is possible that they will choose to pay off your existing debts, including any co-signed school loans. (Why would they do such a thing? Perhaps to assist your widowed spouse in their time of need.) With a decent term life insurance policy in place, a significant portion of that financial burden could be lifted, so keep that in mind as you choose your term length and coverage level, and consider it a way to express your gratitude for everything that your parents have done for you.
Life insurance safeguards your future offspring, should you decide to have them.

Things evolve. If you decide to have children in the future, you'll be glad you purchased term life insurance today. Many new parents are unaware of the costs associated with having children, and they frequently lack a plan to protect their family's financial security in the worst-case situation. A decent life insurance policy can, for instance, let your children remain in the family home, as well as help your partner pay for child care, summer camps, and even college expenses.

Since term life insurance is generally more affordable when you're young, purchasing a 30-year term life insurance policy now could set you up for three decades of low monthly life insurance premiums, as well as three decades of protection for your loved ones, including any children who may join your family in the future.

Life insurance safeguards other possible dependants.

In the coming years, children may not be the only dependents who join your family. Many members of the Millennial age are assuming duties as caregivers, providing emotional and financial support to ageing parents and opening their homes to disabled siblings.

Consider purchasing a life insurance policy if someone you care about relies on you for shelter, financial support, or other fundamental requirements. Thus, your loved one will be better able to continue receiving the necessary care, even if you are no longer able to provide it.

Life insurance protects your values

Need more reason to consider purchasing term life insurance? Regardless of whether you and your spouse want to grow your family in the future, you may still like to leave a legacy for the following generation, and a term life insurance policy could help you do so.

People are often unaware that they can name a charity as a life insurance beneficiary, for instance. If your term life insurance policy includes enough coverage to provide for your spouse, protect your parents and dependents, and make a donation to a charitable organisation, you could transform a worst-case scenario into a life-changing gift.

If you're newlywed, you don't know what the future holds, but regardless of what happens, purchasing a term life insurance policy could help you secure what matters. This is why childless married couples should still obtain life insurance, and why it's advisable to purchase a coverage as soon as possible.