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Life insurance for married couples can help provide financial security for your family. If you’re married, you can choose two separate policies or a joint policy to help meet your goals. Let’s dive deeper into life insurance for married couples and how it works so you can make the most informed decision.
How life insurance for married couples works
Married couples can invest in separate life insurance policies or a joint life insurance policy. While a single life insurance policy will only cover one spouse, a joint life insurance policy will protect both. Since both options come with pros and cons, it’s important to weigh them before you decide which route to take. Whether you invest in one policy or two, you can expect to pay premiums in exchange for a death benefit that will be paid out if you suddenly pass away while the policy is active.1
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Joint vs. separate life insurance plans
Here’s a closer look at how joint and separate life insurance policies compare:
Joint life insurance policies
Also known as a dual life insurance policy, a joint life insurance policy covers both spouses. If you’d like to save money on life insurance and protect your assets from taxes after you pass away, a joint policy may be a good option.
There are two types of joint policies: first-to-die policies and second-to-die policies. With first-to-die joint life insurance, the surviving spouse will collect the death benefit after the first spouse dies. A second-to-die or survivorship policy is when the beneficiaries receive the death benefit once both spouses pass away.1
Separate life insurance policies
A separate life insurance policy, or single life insurance policy, will only cover one spouse. If that spouse passes away, it will pay out a death benefit to the surviving partner. You can choose from an Aflac term life insurance policy that provides coverage for a set time period, like 10, 20, or 30 years, or a whole life policy that offers lifelong protection. By investing in separate life insurance policies, each spouse can focus on their unique needs.
When should married couples get life insurance?
Here are a few instances where life insurance can be a worthwhile investment for married couples:2
One partner is the primary earner
If you or your spouse earns the majority of the household income, life insurance is important. It can help protect your family financially and allow them to continue with their lifestyle in the event that the primary earner passes away.
You have debts
Do you have debts, such as a mortgage, car payments, or student loans? If so, life insurance can help your spouse repay them and feel less overwhelmed if you die unexpectedly.
You want to manage living expenses
Living expenses, like a mortgage, utilities, and groceries, can be expensive. With a life insurance policy, you can help protect your spouse from having to cover them on their own upon your death.
You want to cover final expenses
Life insurance may also alleviate high end-of-life expenses for your loved ones after your passing. These might include funeral costs and medical bills.
What is the best life insurance policy for married couples?
The ideal life insurance for married couples depends on your particular needs. If you’re looking for a lower premium option and only need coverage for a set amount of time, such as 20 years, term life insurance is worth exploring.
On the other hand, if you like the idea of lifelong coverage and a cash value component that may earn interest over time, a permanent policy like whole life insurance may be the right option.3 Make sure to discuss options with your spouse and think about your goals so you can decide on the ideal plan type.
Aflac offers life insurance for married couples
If you’re married, you can choose from two separate policies or a joint policy to help protect your loved ones financially. At Aflac, we’re pleased to offer both term life insurance and whole life insurance for married couples. Contact us today for more information and get a quote.
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Disclaimer
1 Bankrate - Life Insurance for Married Couples. Updated November 12, 2021. https://www.bankrate.com/insurance/life-insurance/married-couples/. Accessed April 21, 2023.
2 LendEDU - Life Insurance for Married Couples. Updated April 5, 2023. https://lendedu.com/blog/life-insurance-for-married-couples/. Accessed April 21, 2023.
3 Nerdwallet - Life Insurance for Couples. Updated January 24, 2022. https://www.nerdwallet.com/article/insurance/life-insurance-for-married-couples. Accessed April 21, 2023.
Coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, coverage is underwritten by American Family Life Assurance Company of New York.
In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68100-A68400. In New York, NY68100-NY68400. In Arkansas, Idaho, Oklahoma, Pennsylvania, Texas, & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400.
Final Expense Whole Life Insurance is underwritten by Tier One Insurance Company.
The life insurance policy described herein contains an optional Accelerated Death Benefits Rider that is intended for favorable tax treatment under Section 101(g) of the Internal Revenue Code. Aflac does not give legal or tax advice. Please consult with a qualified legal, tax, and accounting advisor before engaging in any transaction. In AR, AZ, ID, OK, OR, PA, TX and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22.
Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY or VA. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations and exclusions. For complete details, including availability and costs, please contact your local Aflac agent.
Content within this article is for informational purposes only and does not constitute legal, tax, accounting or medical advice regarding any specific situation.
Aflac cannot anticipate all the facts that a particular employer will have to consider in their benefits decision-making process.
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