Wedding is once in a lifetime moment. It brings commitment, dependency and stability in partners for a lifetime. However, marriage involves huge money and one of the biggest burdens includes financial debt.

Generally, most couples face a temporary cash crunch post the big fat wedding ceremonies. Moreover, accidents and disasters are not under anyone's control. Therefore, it becomes essential to buy life insurance in Melbourne immediately after marriage. As emergencies can happen with either of the spouses, adequate life coverage becomes essential that can protect you from financial and emotional risk.

This post throws light on the financial benefits of a life insurance policy. Read ahead.

Increased Expenses and Cash Crunch

After marriage, your duties and responsibilities increases and you become liable to certain commitments. Your expenses will not remain the same as it was at the time you were a bachelor. With time, your household expenses will increase and especially when you will have children, you might struggle to cope up with the increasing expenditures.

Therefore, the cash crunch will disturb your mental peace and lead to debt. This is where the need for a life insurance policy is felt. It will provide you with financial support at times of a deficit. Moreover, life insurance plans offer comprehensive financial security for you and your family.

Loan Repayment and Reducing Debt

It's been a trend for most people to get married in their early 30s. Usually, at this age, married couples opt for either car loans or home loans to secure their life ahead. In case of accidental death or a major mishap of either of the spouses, the obligation for loan repayment falls upon the surviving spouse.

It can result in a huge financial burden and the house might need to be sold in the worst case. In order to be financially secured, it's always wise to contact with a trusted insurance broker for life insurance in Melbourne who can provide you with a detailed understanding of the best life insurance plan suitable for your budget.

Best Life Insurance for Married Couples

  • Choose Your Term Plans: Term plans, also known as protection plans, provide financial security to the nominee or dependent in case some mishaps happen to the main policyholder within the term period. Moreover, term plans are cheaper than other life insurance plans and include the lowest premiums to save the pockets of newly married couples.
  • General Insurance Plans: Whole life insurance plan is another great option for newly married couples. Apart from offering life coverage, life insurance plans help to save bigger amounts over the entire policy period. This option makes it ideal for hitting short and long term goals. A majority of the insurance companies offer the facility of taking loans in lieu of the policy. Here, the premium rates are slightly higher than the term plans.

Bottom Line

While buying a life insurance policy, many factors need to be considered. So if you are newly married, consider buying a life insurance policy to get financial support against accidents or disasters.

Author's Bio: 

The author is an insurance broker in Melbourne and associated with a reputed company providing life insurance in Melbourne.