When things get serious in a relationship, serious conversations often follow. Talk of the major life events, from marriage and settling down to having kids and growing a family, can provide opportunities, excitement and sometimes stress. Many of the big moments couples will go through together include financial discussions that include life insurance. That’s because life insurance helps protect loved ones financially. Here are four stages of life that may provide great windows to discuss life insurance:
When getting married
Marriage is a big commitment and a huge step in any relationship—it marks the start of a new period of life for a couple. Couples are combining many, if not all aspects of their lives together—including finances.
“This is a time when couples collaborate and set new goals together,” said Wealth Management Advisor Charles Irvin of Luca Partners, a Northwestern Mutual Private Client Group firm. “These goals, such as buying a new home, a vacation or rental property, or planning for retirement, are often only achievable by their collective efforts. The achievement of these goals causes a new mutual dependance financially that did not exist prior to marriage. Life insurance and other planning strategies can provide financial protection to a surviving spouse if the other was to pass away too soon.”
During open enrollment
Open enrollment period is the time every year when employees can update or change their insurance policies. Along with health insurance, dental coverage, and vison, this is a chance for couples to discuss their employee-sponsored life insurance coverage. This can be a time to change beneficiaries, consider overall needs, and elect additional coverage. Couples may consider designating their partner or spouse as a beneficiary. Doing so can help a couple feel more secure in their finances, and less worried about whatever lies ahead.
When growing their family
Having kids is an exciting time, but also one that brings huge change. Growing a family requires a lot of planning, from meals and clothing to medical bills and school costs, not to mention all the unexpected issues that are bound to pop up. Additionally, parents will now have a child that will depend on them.
“Life insurance helps to protect the family financially should something happen to one or both parents,” said Irvin. “If a parent of young children were to pass away, the impacts on the family would be far-reaching. Proper life insurance planning can help ensure that financial matters are not one of those concerns. The family can focus on being present for one another, grieving, and healing without having to stress over money.”
When considering their legacy
Permanent life insurance, like whole life insurance or universal life insurance, can have many benefits, not the least of which is the chance for a couple to create a lasting vision for the future. “The guaranteed death benefit provides the opportunity to leave something to children and grandchildren, or fulfill charitable bequest,” said Irvin. “The leverage and tax benefits of life insurance make it one of the most efficient tools available to create the legacy our clients desire.”
Source: Northwestern Mutual
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Name: Don Klein
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