Life insurance for newly-weds

Why do newly-weds get life insurance?

Whether you plan to become life partners through marriage, civil union or simply moving in together, this commitment may result in you thinking about your future together. As well as shared rent or mortgage payments, you may jointly own some assets and have life goals you want to reach together.

Considering Life insurance is important when you start to think about how serious injury, sickness or something worse could affect you or your partner’s financial future.

Below is a quick overview of some types of life insurance that could be suitable for couples. As with all insurances, you have to meet the definition(s) under the policy wording to successfully claim under each of these cover types.

• Life cover – can pay a lump sum if you die or are diagnosed as terminally ill and given less than 12 months to live.
• Trauma cover – can pay a lump sum if you suffer from a specific medical condition, such as Alzheimer’s disease, Multiple sclerosis a stroke or cancer. For some conditions cover starts 3 months after you’ve taken out the cover.
• Total and permanent disability (TPD) cover – can pay a lump sum if you become totally and permanently disabled for an uninterrupted period of time, due to sickness or injury and are unlikely to ever work again.
• Income protection – can pay you a monthly income if sickness or injury means you can’t work for an extended period. Depending on the policy, it may pay up to around 75% of your usual gross monthly income, with a maximum income limit. Talk to us find out your options for tailoring your cover to your needs.
• Mortgage protection – is similar to income protection. When you take it out, you can choose a monthly income depending on the limits under the policy, 110% of your usual monthly mortgage repayments or 40% of your gross income. The money is paid to the policy holder and can be spent on anything they choose. Payment can help cover your monthly mortgage or rent commitments.

Can you get life insurance before your wedding?

Whether you take out cover before or after your wedding is totally up to you. To better understand what types of cover you and your partner need, book an appointment us.