What is The Best Life Insurance Policy for Married Couples?

Being married is one of the best things it can happen to you, especially if you truly love your partner. But establishing a family implies numerous responsibilities. You must watch over each other and contribute both to the welfare of the family.

Attractive Happy YoungCoupleIt is highly desirable for both partners to have a job and share their incomes in order to purchase everything it is needed, starting with food and ending up with ways to entertain. But never forget about life insurance.  Insurance market offers numerous policies. The most common are whole life, term life and life insurance no medical exam. So, it is a bit hard to decide what the best life insurance policy is for married couples.

It is all about priorities and long term planning.  If you are expecting a baby and you want to financially protect it until it reaches maturity, maybe term life insurance is the right policy for you. Applying for a 20 years term life insurance will make sure that even if you die, your child will be able to survive and pay for all it is needed.  It is the best way to make sure that it will receive proper education and will attend college.

Whole life insurance is recommended for long term protection and it is used as inheritance. It has multiple features that make it useful for different situations.  After paying premiums for several years, you can ask to borrow some money. Also, if the company has exceeding profit from investments paid with your money, a fair part of the profit will be split with you.

As you can see, the main difference is the purpose of the policy. Term life is suitable for protecting family until children reach maturity, while whole life is a very valuable heirloom.

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