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Why life insurance makes the perfect wedding gift

Bonus: It’s easier than finding a venue

Same-sex couple wearing matching marriage rings, sitting on a bench.

Congratulations! You’re getting married. Now comes the fun part: Finding a venue, choosing a date, deciding who to invite (and who not to), picking out a menu, surveying your friends and families for food restrictions or allergies, selecting a DJ (or maybe a live band?), getting a marriage license, deciding who’s in your wedding party (and navigating any associated drama), planning the ceremony… and thinking, maybe, just maybe, it’d be faster and easier to just elope.

So we get it. Marriage is an overwhelming (and, we hope, overwhelmingly happy) occasion. And while we hate to add to your to-do list, we can’t help but suggest that there is one wedding gift you can provide your partner that’s both an enormous gesture and surprisingly quick and easy to take care of: Getting a life insurance policy.

On the off-chance that’s somehow not already on your wedding to-do list, let us explain why life insurance for newlyweds definitely should be.

In this article:

What is life insurance and who needs it?

Life insurance is a smart and practical way to safeguard your love story. It helps provide financial protection for your partner if the unexpected happens. The death benefit from a life insurance policy can help your spouse cover things like debts, mortgages, or other financial obligations — including end-of-life expenses, like a funeral and burial costs — in the event of your untimely passing.

Whether you’re a single-income household with a stay-at-home partner or a dual-income family, life insurance is beneficial for both partners in the marriage. The death of one partner could burden the surviving spouse with too many commitments — whether they’re related to money, caregiving responsibilities, or household management.

When each person in a married couple gets life insurance, they enjoy a financial support system that would not render either surviving partner helpless.

How does term life insurance work?

Term life insurance protects you and your spouse for a set period of time — usually 10, 15, 20, 25, or 30 years. Let’s say you’ve purchased a 30-year term life insurance policy. If something happens to you during that 30-year term length, the insurer pays a lump sum, called the death benefit, to your beneficiaries.

The death benefit is usually paid as a lump sum to the beneficiary and is free of taxes. To get this benefit, you pay regular premiums during the policy term to maintain coverage.

Term life insurance is usually more affordable than other types of life insurance because it focuses solely on providing coverage for a specific time frame. You can pay for the exact amount of protection you need and no more. It’s affordable, straightforward, and gives you peace of mind.

7 reasons why life insurance is the best wedding gift for your new spouse

When you marry your partner, you promise to stay by their side for better and worse, in sickness and health, and for richer and poorer. Life insurance is a tool that helps you keep those promises.

Here are the top reasons buying life insurance is a thoughtful and practical gift for your future spouse.

1. Financial protection

Life is full of uncertainties, and there’s no guarantee of what’s around the corner. While we all wish to live a long, healthy, and happy life with our partner, it pays to be prepared for the worst.

The death of a spouse is emotionally devastating for the surviving partner and may impact their ability to maintain financial stability on their own. It also becomes overwhelming for your spouse if your marriage has expanded into a family.

A term life insurance policy is a form of financial planning, and, should you die, it can provide your future spouse with funds to pay off debts, meet day-to-day expenses, maintain their lifestyle, and achieve long-term financial goals for themselves and your children — if you have or plan to have any.

2. Income replacement

You and your partner are a fantastic team, each bringing unique strengths to the relationship. Whether you work inside or outside the home, your contributions are valuable and need protection.

With life insurance, you can make sure that your income is replaced during unforeseen situations, or that your partner has the financial means to pay for the jobs you perform at home.

3. Debt settlement

In total, Americans owe $17 trillion in debt, according to the New York Fed. (This includes mortgages, student loans, auto loans, credit card debt, and other types of debt.). Life insurance can help in such scenarios. Your spouse can use insurance proceeds to pay off your family’s outstanding debts.

4. Funeral expenses

The National Funeral Directors Association states that the median cost of funerals in 2021 was around $8,000. Purchasing a term life insurance policy with adequate coverage during your marriage helps cover your funeral expenses in case of unfortunate events.

5. Peace of mind

Knowing that you’ve secured your loved one’s future against all contingencies can give you both immense peace of mind — even if you outlive your policy, that’s a worthwhile benefit while you’re still living.

6. Cost-effectiveness

The cost of life insurance tends to increase with age, and you enjoy lower premiums when you are young and healthy. Purchasing life insurance early on in your marriage allows you to lock in more affordable rates because most life insurance policies offer level term premiums — that is, you’ll pay the same monthly life insurance rate at the beginning of your coverage as you will decades later. Consider it a gift to your future self.

7. A lasting token of love and responsibility

Finally, getting life insurance as a wedding gift is the ultimate gesture of love, care, and accountability. It demonstrates your commitment to the relationship and shows that you have taken proactive steps to secure your partner’s future. It’s, dare we say, romantic. (But maybe don’t skip the flowers, either.)

Support your new spouse with Haven Life

At Haven Life, we aim to make life less hard by offering term life insurance you can apply for online, with policies issued by MassMutual or its subsidiary, C.M. Life.

Start by getting a free online life insurance quote today.

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About Vaishnavi Jai

Read more by Vaishnavi Jai

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.

Our disclosures

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:

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