Marriage is about sharing your life and building a future together. Along with the joy of partnership comes shared responsibilities such as mortgages, household bills, and long-term financial goals.
That is why many couples ask: do married couples need life insurance? The answer is yes. Life insurance provides peace of mind that if one of you passes away, the other will have the financial security to keep moving forward.
Why life insurance matters for couples
Whether you both work or one of you is the main breadwinner, the loss of an income can create serious financial challenges. Life insurance ensures your partner is supported with:
- Mortgage or rent payments so they can remain in the family home
- Household bills and living costs to maintain stability
- Debts or loans that might otherwise fall entirely on one partner
- Future goals such as children’s education or saving for retirement
Types of life insurance for married couples
Joint life insurance
A joint policy covers both partners under one plan and usually pays out once, on the first death. It is often cheaper than arranging two single policies.
Pros
- Lower monthly premium compared with two policies
- One simple application and payment
- Provides a payout when it is most needed
Cons
- Only pays out once, leaving the surviving partner uninsured afterwards
- Less flexible if partners have different financial needs
Two single life insurance policies
Each partner has their own policy, which pays out separately if either dies during the term.
Pros
- Two possible payouts, one for each partner
- Flexibility to tailor cover amounts to each person’s income or role
- Surviving partner remains covered after the first payout
Cons
- Costs more than a joint policy
- Requires two applications and two monthly premiums
Which option is right for you?
- If affordability is your main concern, a joint policy may be the simplest choice.
- If long-term protection and flexibility are more important, two single policies usually provide better overall security.
Why act now
The earlier you put a policy in place, the more affordable it will be. As a life insurance broker, IGotCover specialists can compare policies from leading UK insurers and find the best option for you. Speak to one of our specialists today, get your free quote and take the first step towards protecting your family’s financial security.
