Why childless married couples should still get life insurance

There are lots of good reasons to get term life insurance—but if you’re a childless married couple, you may be wondering if any of those reasons apply to you. Should you get life insurance if you don’t have children, for example? What about if you’re still renting—or still paying off your student loans? Should you add an affordable term life insurance premium to your monthly budget?

We say yes—and since term life insurance policies can be even more affordable for people who get their coverage started when they’re young and healthy, we recommend applying for term life insurance as soon as possible. A good term life insurance policy protects the people you love—including your partner, your parents, any children you might have in the future and any dependents who might benefit from your financial support. You can even use your life insurance policy to leave a charitable legacy that reflects your values.

Want to know more? Here are five reasons why childless married couples should get life insurance.

Life insurance protects your spouse

If you are married, your spouse probably depends on you for more than you realize. Not only do the two of you help each other handle the day-to-day chores that come with building a home together, but you also help support each other financially—and getting a life insurance policy in place can help you continue to support your partner even after death-do-us-part.

If you and your spouse share a mortgage, for example, a term life insurance policy matched to the length of your mortgage could help your partner continue to make the monthly payments—but that isn’t the only reason to consider applying for life insurance after marriage. A term life insurance death benefit could also give your partner the financial freedom to pay off your final expenses without going into debt, take time to grieve and plan for the future without worrying about how they’ll cover the bills.

Life insurance protects your parents

Many young people don’t consider the financial burden that could be placed on their parents after an unexpected death. Your parents may want to cover some or all of the costs associated with funerals and memorial services, for example—and these final expenses can be much higher than people realize.

And while parents are not always legally responsible for their children’s debts, it’s possible your parents may choose to take responsibility for paying off your outstanding debts, including any co-signed student loans. (Why would they do that? Perhaps to help your widowed spouse during a difficult time.) With a good term life insurance policy in place, much of that financial burden could be alleviated—so keep that in mind as you choose your term length and coverage amount, and consider it a way to thank your parents for everything they’ve done for you.

Life insurance protects your future children, if you choose to have them

Things change. If someday you decide to have children, you’ll be glad you got your term life insurance policy in place now. Many new parents don’t realize all of the costs that come with raising children, and they often don’t have a plan in place to help protect their family’s financial security even in a worst-case scenario. A good life insurance policy can help your children remain in the family home, for example—and it could also help your partner pay for childcare, cover summer camps and even fund the costs of college.

Since term life insurance is generally more affordable when you’re young, getting a 30-year term life insurance policy in place today could set you up for three decades of low monthly life insurance premiums—and three decades of protection for the people you love most, including the children that may someday join your growing family.

Life insurance protects other potential dependents

Children may not be the only dependents who become part of your family in the years to come. Many members of the Millennial generation are taking on caregiving roles, providing emotional and financial support for aging parents or opening their homes to siblings with disabilities.

If you find yourself in a situation in which someone you love is depending on you for shelter, financial assistance or other basic needs, you need to consider taking out a life insurance policy. That way, your loved one will be in a better position to continue receiving the care they need—even if you are no longer there to provide it.

Life insurance protects your values

Want one more reason to consider applying for term life insurance? Regardless of whether you and your partner plan on expanding your family in the future, you may still want to leave a legacy for the next generation—and a term life insurance policy could serve as a way to share your financial resources with the people and organizations you value most.

Many people don’t realize that they can name a charity as a life insurance beneficiary, for example—and if your term life insurance policy includes enough coverage to provide for your spouse, protect your parents and dependants and make a donation to a charitable organization, you could turn a worst-case scenario into a life-changing gift.

If you are recently married, you don’t know what the future might bring—but no matter what happens next, applying for a term life insurance policy  could help you protect what matters most. That’s why childless married couples should still get life insurance—and why it’s a good idea to get your policy in place as soon as possible.