To Have and to Hold—and to Insure

Did you recently tie the knot? Or maybe the big day is fast approaching. It isn’t uncommon for couples to spend a great deal of time and energy planning for their wedding day. What’s more rare is the likelihood that couples put time and energy into discussing their financial future and how to approach finances in their marriage.

Unfortunately, the “happily ever after” can include a good deal of financial stress.

According to Fidelity ‘s 2024 Investment Couples and Money Study, 45% of couples reported arguing about money at least occasionally, while 1 in 4 felt left out of financial decisions by their partner. 

But it doesn’t have to be that way! In fact, studies show that couples who communicated about financial plans before they enter marriage tend to report higher satisfaction.

Below is a list of financial topics to discuss with your partner before the wedding and why they’re important.

(Already married?! Congratulations! No need to worry – but hop to it. The sooner these topics are discussed, the more likely you and your partner are to feel financially prepared. Speak to an agent about your options by making an appointment here.)

Once you get married, what belongs to your partner can also become yours–including debt they’ve incurred. Depending on the state you live in and the type of debt, you may be responsible for your spouse’s debt if they were to die. Learn about the laws in your state and come up with a plan for how you and your spouse plan to become debt-free.

Many couples look forward to buying a home together. Beyond marriage, signing a mortgage may be one of the biggest financial decisions you ever make. Oftentimes, the mortgage payment relies on two incomes. Would your spouse be able to continue making those payments if you were no longer around? 36% of millennials report they wouldn’t be able to remain in their home on one income if their partner passed away. It’s wise to discuss with your partner how you would handle finances without their share of the income.

While having children may be a few years away, it’s never too early to begin planning ahead. How will you budget for daycare, education, healthcare expenses, and daily needs? Including life insurance coverage alongside those future expenses may be a good thing to consider. That way, you don’t need to add worries of potential unknowns in the future to the ever-growing list of expenses you’ll face in parenthood.

Due to Health If you’re young and in good health, you should be able to get inexpensive coverage at this point. With life insurance, the older you are, the more expensive it gets. Plus, health can change on the turn of a dime, so it makes sense to lock in affordable rates now.

Term life insurance is generally the most affordable way to get the most coverage when you’re young, so it may be a good choice for many newlyweds. But, as the name implies, you buy term insurance for a period of time – usually 10 to 30 years, after which the guaranteed rate may expire. However, if you like the idea of keeping your coverage forever and being able to accrue cash value that you can tap into during your lifetime, you may want to explore permanent life insurance. You can learn the scoop on term versus perm here.

You’ve just made a lifelong vow to protect and care for your spouse. A wedding ceremony is a one-time celebration. A great way to continue reinforcing your commitment is by investing in a life insurance policy that fits the life you both envision throughout this stage and whatever’s next. At AAA Life, an insurance professional can help you sort through your options and find coverage to fit your budget and, most importantly, help protect those you love.

Get your Insurance Quote Today!