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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.
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
Here’s a closer look at how joint and separate life insurance policies compare:
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
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.
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
Here are a few instances where life insurance can be a worthwhile investment for married couples:2
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.
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.
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.
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.
The ideal life insurance for married couples depends on your particular needs. If you’re looking for a more favorable 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.
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.
1 Bankrate - Life Insurance for Married Couples. Updated May 31, 2024. Accessed June 26, 2024. https://www.bankrate.com/insurance/life-insurance/married-couples/.
2 LendEDU - Life Insurance for Married Couples. Updated April 5, 2023. Accessed June 26, 2024. https://lendedu.com/blog/life-insurance-for-married-couples/.
3 MarketWatch - Life Insurance for Married Couples: Coverage and Tips. Updated June 26, 2024. Accessed June 26, 2024. https://www.marketwatch.com/guides/life-insurance/life-insurance-for-married-couples/.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.
Aflac life plans - 68000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68100-A68400. 65000 series: In Virginia, Policies ICC0965JTO & ICC0965JWO. B61000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B61JWO & ICC18B61JTO. In Delaware, Policies B61JWO, B61JTO. B60000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Q60000 series/Whole: In Arkansas & Delaware, Policy Q60100M. In Idaho, Policy Q60100MID. In Oklahoma, Policy Q60100MOK. Not available in Virginia. Q60000 series/Term: In Delaware, Policies Q60200CM. In Arkansas, Idaho, Oklahoma, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C. Not available in Virginia.
Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (Tier One NAIC 92908).
In AR, DE, ID, OK and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Aflac Final Expense policies are not available in New York.
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.
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