Life Insurance Needs for Young Couples

A “young couple” is someone 18-35, who has a live-in romantic partner or is married, but has no children. 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 young couples.

Life insurance for Young couples

The You Insurance Need:

  • If someone is financially dependant on you, it’s time to start thinking about Life insurance. If you recently moved in with a partner and are sharing rent or mortgage payments, if one person is working while the other goes to school, or any other situation where both incomes are necessary, it’s a good idea to add life insurance.
  • Disability and Critical Illness insurance are also important. Think about how long you and your partner could continue your lifestyle if one of you no longer had income due to an injury or serious illness.
  • At this point in your life, you are likely no longer financially dependent on your parents and they are probably looking forward to retirement. Make sure you are not a burden on them and their retirement savings plan by having life insurance and disability insurance coverage.
  • Many workplaces offer some disability insurance through a group plan and you can often purchase additional coverage. Buying your own personal disability insurance, is also an option.
  • Workplaces also often offer Health and Dental coverage. If yours doesn’t, consider a private plan through AMA. This can save you significant out-of-pocket expenses.

IN REVIEW, consider:

  • Getting Disability Insurance
  • Getting Critical Illness Insurance
  • Getting enough Life insurance enough to provide income support for your partner if you pass away
  • Getting a couple’s/family Health and Dental Plan

Contact a Life Advisor

Other things to consider as a young couple

  • This is also the time to look at things such as a tax-free savings account, RRSPs, and getting your debts under control. You should have long terms savings and emergency funds that are separate from “planned-spending” savings accounts, like a wedding, house down payment or vacation fund. AMA doesn’t offer these services, so contact your financial institution for guidance. You could also consider opening a savings account at AMA’s bank, Bridegwater Bank. 

Other Life Stages
See Established Couples >>
See Young Families >>