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Learning About Financial Planning


About Me

Learning About Financial Planning

Hello, I'm Cynthia. I would like to welcome you to my site about financial planning. After heading off to college, I found my bank account dangerously low or in the negative far too often. I had enough funds to sustain my needs each month, so I set to work figuring out what happened. I developed a personal budget system that worked to keep money in my account while still being able to enjoy college life. I will talk more about this budgeting system, and its importance, on this website. I hope you will come by to learn how to get your finances in check as well. Thanks.

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Financial Planning for Young Couples: Do You Need Life Insurance?

If you and your spouse are in your early thirties, work full-time jobs, and only suffer from a few health conditions, you may not think you need life insurance just yet. But even if your family's combined income is substantial, you may still need to obtain a life insurance policy for your needs. Learn more about life insurance policies and why you should obtain coverage for yourself and your spouse below.

What Does Life Insurance Cover?

Life insurance is one of the most important aspects of financial planning today. Financial planning describes the steps you take to protect you and your loved ones from unforeseen financial problems now and in the future. However, many adults may not think life insurance is something they need right now, including young couples.

A life insurance policy covers the expenses your family may incur after you become deceased. The policy pays for most or all of your burial expenses as well as any debt you may leave behind at the time of your passing. Your spouse or beneficiary generally receives or collects the funds from the policy at the time of your passing. 

In some cases, you and your spouse may obtain a life insurance policy together. Sources refer to the policies as survivorship life insurance policies. Survivorship policies come in two forms: first-to-die and second-to-die. The first policy only covers you or your spouse at the time of your or their passing. The second policy covers both spouses at the time of their passing.  

If you think obtaining a life insurance policy for you and your spouse is something you need to plan for, consult a financial planner today.

How Do Obtain Life Insurance Coverage?

A financial planner may offer different types of life insurance policies to you and your loved one, including individual policies and survivorship policies. You and your spouse may wish to purchase policies that work best for your current and future needs.

For example, if your spouse suffers from a medical condition that may or may not lead to their passing in the future, they may wish to obtain a higher-paying individual policy right now. The policy will help pay for your loved one's medical expenses and debt after they pass.

In addition, you want to choose a policy or policies that protect your children after your passing. Some policies allow children to become beneficiaries of their parent's life insurance policies. However, the children may need to be adults before they can collect the funds from the policies. A financial planner can discuss the specifications or requirements for these types of policies with you during your consultation. 

If you and your spouse are considering planning for your future, contact a financial planner today.