Life Insurance Needs For Established Couples

An “Established Couple” is someone over 35-years old, who has a live-in romantic partner or is married, but has no children. They are typically professionals with established careers who have advanced beyond an entry-level income. As such, they generally have some disposable income, and may have financial investments. They co-habitate, either renting or owning a home. They share living expenses with their partner, and may even support or are being supported by their partner. If that describes you, read on to learn more about life insurance for established couples.

couples life insurance

What Insurance You Need:

  • Even with no children, established couples still rely on each other for financial support. You’ve probably made life decisions, such as taking on a mortgage, that require dual incomes. Life insurance is important to make sure your spouse has the financial support they need if you pass away. You’ll want them to continue to enjoy the life you’ve built together. At this point, you may also have aging parents that you’re providing support for, and life insurance will make sure your parents are still cared for if something were to happen to you.
  • Disability insurance is also crucial. Think about how long you and your partner could continue your lifestyle if one of you no longer had income.
  • Long Term-Care insurance is also something to consider. Nursing homes and home care are both expensive. If either you or your spouse require it, those costs can quickly eat up your retirement savings.
  • You might also want to look into Critical Illness insurance. Many people start to experience health problems during this life stage, such as cancer, stroke and heart disease. This insurance will provide you with a lump sum payment to help you recover from your illness.
  • As you get older, you might need more medication (or at least more massages). If your workplace doesn’t have a plan, consider a private Health and Dental Insurance plan through AMA. This can save you significant out-of-pocket expense.
  • Often, established couples without children have the luxury to travel frequently. You will probably want to look into Personal Accident Insurance (PAI) as well as travel insurance.

IN REVIEW, consider:

  • Getting Disability Insurance
  • Having enough Life Insurance to take care of debts and replace your income for your partner. Also, consider having enough to pay off your home or at least aid in mortgage payments.
  • Getting Critical illness insurance
  • Having Health & Dental insurance
  • Looking into Long Term Care insurance
  • Getting Personal Accident Insurance (PAI), especially if you travel

Contact a Life Advisor

Other things to consider as an Established Couple:

  • If you haven’t started already, you should be saving for retirement. Make sure your retirement investments are well diversified. Many workers unwittingly allow their own company’s stock to take up a dangerously large portion of their retirement accounts.
  • You might also want to consider pet insurance! Pets become part of the family, and vet bills can be shockingly high. AMA does not offer this product, but the CAA does.

Other Life Stages
See Established Families >>
See Seniors/Retirees >>