Life insurance is one of the most effective ways to provide for your family in the event that you are no longer around. Newlyweds often put off purchasing this type of coverage until they have children, but this can be a costly mistake. Below are some of the key reasons you should consider purchasing a life insurance policy if you’re a newlywed.

3 Reasons Newlyweds Should Buy Life Insurance Coverage

1. To Cover Increased Expenses

In many marriages, both partners work. Couples often use this combined income to afford a lifestyle that they couldn't pay for individually. This may mean a nicer apartment or even the purchase of a home. The income loss that accompanies the unexpected death of one partner leaves the survivor unable to maintain that enhanced lifestyle. The payout from a life insurance policy helps the surviving spouse adapt to the changes in their life without additional upheaval.

2. To Pay Off Debt

Over the past several decades, attending college has become the norm for young Americans. Unfortunately, so has student loan debt. If your new spouse should die with outstanding student loan or consumer debt, their estate (which would otherwise go to you) will instead be liquidated and used to satisfy their loan amounts. If you or your spouse has considerable debt, consider purchasing life insurance to cover any outstanding loan balances.

3. To Get a Good Rate

Life insurance always costs more for older policyholders than for younger ones. In general, rates increase by 8% to 10% each year you delay buying coverage. This means that if you wait seven years to purchase a policy, you will pay nearly double each month for coverage than you would if you purchased it today.

For expert advice on designing a life insurance policy for you and your spouse, contact Farmers Insurance: Daniel Oliver in Edina, MN. Daniel is a lifelong resident of Hennepin County and has more than 30 years of experience in the insurance industry. He and his team also specialize in auto, home, business, and liability insurance to protect the things that matter most to you. Call  (952) 925-4454 or visit their website to request an insurance quote.