What Happens to my Life Insurance When I get Married?

Gary Das and Ayesha Das wedding picture

Anyone who is thinking about getting married is probably thinking about joining their lives with their future spouse in as many ways as possible. There are many different considerations associated with getting married, and one of those things is life insurance. If either partner already has life insurance, they will have to decide what to do with that policy after the wedding.

The first thing to do is to look at the existing life insurance policy and determine if it would be better served by adding their spouse.  Sometimes, purchasing a life insurance policy is more expensive if purchased by a single person. However, a joint policy is quite often far less expensive. Therefore, if both parties have separate life insurance policies, they might be able to spend less money by investing in a joint policy.

Joining Life Insurance Policies

When combining life insurance policies, it is important to be sure that both parties will be able to benefit from the new joint policy. For instance, if one party has free life insurance coverage as a perk of their employment, they might not be able to add a spouse without incurring a cost. Individuals in this situation should talk with their human resources department or representative from the insurance provider about provisions for families.

If life insurance has been purchased privately, the insured must determine if their policies would work if joined together. Some married couples find it much easier to leave their policies separate, in order to be sure that they are both covered. If something happens to one of them, the other will still have a policy in place.

Lots of married couples drop separate policies, and choose to purchase one joint policy. There is one thing to consider when investing in a joint life insurance policy, when you are both covered on a joint policy if either of you was to pass away the policy would stop after a payout has been made leaving the remaining spouse uninsured, at this point it would be advised to look at a single policy to continuing providing protection for your family or dependants.

In the end, life insurance is just another part of marriage that should revolve around protecting each other. Couples should have life insurance so that they can both rest easy, knowing that if something should happen, everything will be taken care of.

Find out more by chatting with us online, calling in to speak to an adviser, or filling in a form to request a call back. We’re always happy to help.

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