Being in a relationship comes with responsibility. Keeping promises, being there emotionally and supporting each other in your personal lives are all “acts of love” that we regularly perform for our spouse. But what about money? Whilst it might not sound romantic, helping to provide for your partner and family can be another way to show your love and devotion.
Bringing home a pay cheque, budgeting and paying bills are common financial matters that family’s regularly think about. However, buying a life insurance policy may be another way to show them how much you care. Helping to shield your spouse and other loved ones from financial hardship could be the ultimate act of love in your relationship.
Why life insurance?
For married couples, getting a life insurance policy could be a practical way to make good on some of your wedding vows. However, those in de facto relationships might benefit from having life cover, too. Life insurance is one way to help protect the life you and your partner are building together. Whether your future plans include buying a home, starting a family, travel or something else, a policy could help your loved ones continue the life you want for them, even if you aren’t around.
This might be difficult to think about. However, unexpected accidents, terminal illness and early death are all unfortunate facts of life. Hopefully these events never touch your family, but it may make sense to help safeguard your financial future—just in case.
Covering both partners
One reason why couples decide to get life insurance is to help replace lost income if the insured is unable or not around to provide for their family. The policy benefit could help pay the rent or mortgage, cover school fees or pay other bills. Both single and dual income households may opt to put this safety net in place by covering one or both breadwinners.
However, couples may also consider covering a stay-at-home partner as well. Though they may not bring home a weekly wage, stay-at-home mums and dads do make their own contributions to the household finances. Childcare, housekeeping, and cooking are just a few of the many jobs that these family members take care of every day. If they were no longer around or able to do this important work, it could be costly to hire outside assistance to help keep the household in order.
What a policy could cover
When people think of life insurance, they may mistakenly believe that it only covers a person’s death. However, many policies are now available that cover other events as well.
Many life insurance policies will pay the benefit early upon diagnosis of a terminal illness. In these cases, the money could be used to help cover hospital bills or in-home care. It could also allow your spouse or partner to take time off work to care for family or cope with their loss. Similarly, some policies may offer optional extras that can increase the policy benefit if the death is directly caused by an accident.
Plan for your future
A life insurance policy can help you protect the ones you love. By providing a safety net to help should the worst happen, you could be showing your spouse or family how much you care. Life insurance may not only be a practical way to help secure their financial future, but also a way of strengthening your relationship and the bond you share.