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Life Insurance for Married Couples

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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