Should newlyweds consider term life insurance?
Planning for a lifetime with your soulmate includes figuring out if something like life insurance is right for you
From the time they are little, many people dream of being married someday. Who will the person be? How will they meet? How many beautiful children will they have?
Typically, nowhere in those fantasies do the topics of shared financial responsibilities and preparation for the unexpected come into the equation.
But as we know, planning for a lifetime with your soulmate extends beyond just wedding arrangements and booking the honeymoon.
There are impactful money decisions newlyweds need to consider (#adulting) once they’ve gone from “me” to “we.” And that includes figuring out if something like life insurance is right for you and perhaps, sometime shortly, your growing family.
In this article:
Why life insurance?
Life insurance for newlyweds can be a critical financial component of any lifetime partnership or union.
When you marry, you promise to take care of each other for richer or for poorer. In sickness and health. And, yes, until death do you part. Life insurance extends that promise further by helping to care for your partner financially, even after you’re gone.
Money from a life insurance policy can be used by your partner to help pay day-to-day expenses, pay debts, cover final expenses, pursue other long term financial goals, and, eventually, help support your children. A good place to start when determining if life insurance is for you is by just getting an idea of the coverage amount you need to protect your loved ones financially.
Choosing term or permanent life insurance
There are many different types of life insurance, but the two main varieties are permanent and term. Permanent life insurance coverage lasts a lifetime and accrues cash value that builds over time and can be borrowed against. However, loans from the policy reduce the cash value and the death benefit.
As it tends to be more complicated than term life insurance, permanent life insurance often requires the assistance of a financial professional or agent. Additionally, the premiums are significantly higher. A $500,000 policy for a 35-year-old man in excellent health would likely cost around $550 per month.
Term life insurance is an affordable and practical way to protect your loved ones’ financial future. A 30-year, $500,000 policy would cost that same 35-year-old man in excellent health about $35 per month. The way term life insurance works (once you’ve applied and been approved for coverage) is in exchange for a monthly premium, an insurer will pay a death benefit if you were to die within the term length.
What does term life insurance cover?
Purchasing life insurance does occasionally require conversations with your partner that can be slightly uncomfortable. But when compared to planning a wedding, it’s practically a cake walk.
Together, you’ll want to figure out how much coverage you both need to financially protect each other if one of you were no longer around. When it comes to term life insurance, many experts suggest buying coverage that’s 5 – 10 times your annual salary. If you’re earning $50,000 per year, that would mean purchasing $250,000 – $500,000 in term coverage at the very least.
That’s a good rule of thumb. But it might not be enough if you think about all the expenses a new married couple will face over the many years next together that lie ahead.
When purchasing life insurance, consider the following expenses:
For young newlyweds:
- How much of your income that your partner relies on to stay financially afloat
- Costs of daily living like rent, utilities, insurance, taxes and more
- Financial obligations like a mortgage, car payments, personal loans, and other debt repayments
For young newlyweds with children:
- Education and extracurricular-related expenses
- College tuition
- Insurances for kids like health and dental
Fortunately, it’s simple to figure out how much life insurance is needed to protect your new spouse. An online life insurance calculator takes into consideration your income, debts, living expenses and financial dependents to recommend a range of coverage amounts that are appropriate for your situation. No air math required.
Saving on your plan for the future
Age and health determine what your life insurance rate will be. Therefore, newlyweds who purchase policies early on can usually lock in an affordable premium for a few decades. Plus, take it from someone who was once a newlywed, life only gets busier from here. So being proactive and checking life insurance of your to-do list can have multiple benefits.
To give you an idea of the price: Imagine you’re a newly married 28-year-old man in excellent health. If you want to purchase a 30-year, $500,000 Haven Term life insurance policy, it could cost around $29 per month.
That price increases to about $35 per month once you’re 35, and that’s also assuming you’re still in excellent health. While it’s not an astronomical difference, the reality is that health is not something you can ever take for granted. I was a newlywed at 28, and by the time I was 33, developed a condition that would have prevented me from qualifying for coverage. Acting swiftly helps ensure that your partner and young children are protected from the start.
It’s worth noting that the policy you purchase now is not the amount of coverage you are stuck with for life. As you get older, your income likely increases as does the number of financial dependents (code word for “kids”) you have. It’s important to revisit your life insurance needs every few years, and if you find you’re underinsured, purchase another small policy to increase your coverage.
What to look for when shopping for term life insurance
If you’ve been put off by the traditional, cumbersome application process that is often synonymous with life insurance, you might want to reconsider now that it is possible to apply for, purchase and get coverage started online. If this is an approach that appeals to you, here is what you’ll want to do next:
Determine your coverage needs
We mentioned already that most experts recommend a coverage amount that’s 5-10 your annual salary. That’s a good place to start.
However, you should also take into account any debts you have that would be left to your partner and future family to cover. Daily expenses, a mortgage, co-signed loans and the future expenses of children are all worth thinking about when you’re going through the life insurance buying process.
Again, an online life insurance calculator can be your BFF here. It’ll help to provide a comprehensive look at your financial situation along with a tiered recommendation of how much coverage you need. Having options is good.
Get estimates for coverage
Once you’ve decided how much life insurance coverage you need, it’s a good idea to shop around and compare quotes. Make sure to compare term life insurance quotes online for at least 3 to 4 companies, taking special care to make an apples-to-apples comparison. If you decided on a 20-year, $500,000 policy, for example, get multiple quotes for that exact amount of coverage over a 20-year timeline.
On our quote page, you can get a free quote for the Haven Term policy and also compare its pricing to top insurers to get a solid – and very efficient – understanding how much this coverage costs across providers.
Check life insurance company ratings
Life insurance companies receive ratings from established, independent rating agencies based on their financial strength and the rating agency’s opinion of a company’s claims-paying ability. Each agency has a rating scale – kind of like a report card. Remember those?
A.M. Best provides such a rating. Companies like A.M. Best do an independent assessment of a company’s financial strength and ability to meet its financial obligations. The Haven Term life insurance policy is issued by MassMutual or its subsidiary C.M. Life, which are rated A++ by A.M. Best, their highest possible rating.* That’s as good as it gets.
When buying a policy, it’s a smart idea to compare the ratings of different insurers to help assess the financial strength of their issuing companies.
Applying for a life insurance policy online
Application and approval process that used to take several weeks, phone calls and faxes, can now be accomplished from the comfort of your home.
The life insurance applications can be long and thorough. That said, most of our customers can apply for the Haven Term life insurance policy in less than 15 minutes.
Here are a few of the things you’ll want to have on hand to make the process seamless:
- Financial information, like your salary and net worth
- Personal and family health information, including height, weight, and recent medical history
- Occupation and lifestyle information
- Social Security Number and active driver’s license
- Contact information for your primary care physician, if you have it
- Name of your beneficiaries along with their phone numbers, dates of birth and addresses (you can always change this at a later time)
When submitting an application for the Haven Term policy, issued by our parent company MassMutual or its subsidiary C.M. Life, you answer health and lifestyle questions using and, potentially, an offline medical exam to determine eligibility. If approved, you can start coverage that day.
Preparing for the future
All newlyweds should consider life insurance to help financially protect their new life partner.
While nobody wants to imagine an unexpected death — especially so soon after one of the happiest moments in their life — it’s important to prepare for the “what ifs” that life can throw your way.
Life insurance for young, healthy newlyweds is affordable and provides immeasurable peace of mind for both spouses. And just think, when buying life insurance from the get go, it’s one less thing you’ll need to do when preparing for what will likely be your next significant milestone: becoming a parent. Trust me. Spare time becomes a luxury then.
About Adam Weinberg
Adam Weinberg is the Brand Director for Haven Life, where he’s working hard to make life insurance easy. Adam is a creative problem solver who uses unique brand moments to create meaningful customer experiences. Adam has more than a decade of diverse editorial, marketing, and branding experience, including work on several award-winning campaigns for various digital media companies.Read more by Adam Weinberg
Our editorial policy
Haven Life is a customer-centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.
Our editorial policy
Haven Life is a customer centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.
Our content is created for educational purposes only. Haven Life does not endorse the companies, products, services or strategies discussed here, but we hope they can make your life a little less hard if they are a fit for your situation.
Haven Life is not authorized to give tax, legal or investment advice. This material is not intended to provide, and should not be relied on for tax, legal, or investment advice. Individuals are encouraged to seed advice from their own tax or legal counsel.
Haven Term is a Term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider form numbers and features may vary by state and may not be available in all states. Our Agency license number in California is OK71922 and in Arkansas 100139527.
MassMutual is rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of Aril 1, 2020 and is subject to change. MassMutual has received different ratings from other rating agencies.
Haven Life Plus (Plus) is the marketing name for the Plus rider, which is included as part of the Haven Term policy and offers access to additional services and benefits at no cost or at a discount. The rider is not available in every state and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners). For more information about Haven Life Plus, please visit: https://havenlife.com/plus
What our customers are saying
Jun 1, 2023
Easy to apply
Easy to apply I just got approved last week so haven't had to make any claims or anything like that (as this is a life insurance policy, guess that's a good thing lol). But what put Haven Life at the top of my list was their intuitive website and easy application process. All done online and then the physical exam was done in my home! Very easy process.
–S Speightread more at
May 25, 2023
There was truly no medical exam for…
There was truly no medical exam for their term life insurance. The customer service was responsive and helpful. The price was comparable to another company with the same terms.
–Bukkyread more at
May 11, 2023
Wonderful company!! I definitely recommend Haven life!! Awesome at finding the best coverage for me! Great coverage that is affordable!! Glad I listened to the recommendation that was given to me about this company
–Blaiseread more at
May 10, 2023
Great Customer Service
I looked into two other companies. The coverage was comparable but I was most impressed with Haven Life’s customer service. I was also impressed with the pricing tools.
–Danielread more at
Apr 19, 2023
Simple & easy.
Pros: -Easy online application -Can get coverage immediately after applying online -Pretty seamless process throughout the experience Cons: -Although told I was covered initially after applying online, I was informed that I needed to get physical check up in order to continue the plan. -Although I’m very healthy, my plan price increased 2x after the physical checkup.
–Malcolmread more at