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Should I Buy Life Insurance Before Marriage or After Marriage?

17 June 2022, 11:46 AM

Buying life insurance at the correct time brings forth many benefits. From finding the best plan at the best rate to getting the plan on the easiest terms, you can indeed get many advantages if you buy your life cover at the right time. But when is the right time? The right time to buy life insurance is at a very young age, preferably in your early 20s. Most people buy life insurance around the time they get married. This is a logical thing to do as your financial duties, as well as familial responsibilities, increase after marriage. However, in some cases, getting a life insurance cover before marriage also proves to be helpful. Read on to know more.

Getting Life Insurance After Marriage

As stated, most people prefer buying life insurance after they get married. Here are some reasons why this happens:

  1. To cover your dependents - 
    You need to cover your dependent family members. Now that you are married, you have a spouse and soon you will have kids who will be solely and completely dependent on you for all their financial needs. This is a very important reason why you must invest in a good life insurance plan if you are married and have or plan to start a family soon.
  2. For sound investments - 
    Many life insurance plans such as the endowment plans, ULIPs, money back plans, etc offer very good opportunities for you to invest. You can get the dual benefits of insurance and investment with these plans. While keeping your life covered, these plans can also help you to build up an impressive financial portfolio with the help of which you can meet your future financial targets. This is a very beneficial feature that people with dependent family members get.
  3. To cover your debts - 
    It is very common for young people to invest in property. Many newlywed couples buy their own homes after they get married and most of them opt for housing loans. If you also have some loans, such as home loans, personal loans or even education loans that you are still repaying, you need to get a life cover. If you die before the debt is cleared, your spouse can use the sum assured to clear the debt. Else, he or she may be burdened with the repayment and that may cause tremendous financial stress. 
  4. To plan for the future - 
    As a newly married person in your 20s or 30s, you may think your retirement is many, many years away. But time flies and before you know it, you will be at the brink of your 59th birthday! This is why you need to start investing in a retirement fund at the earliest. The annuity life insurance plans allow you to do so. Invest in a good annuity fund and ensure you and your spouse always have the financial freedom to live life on your own terms.

These are some of the most crucial reasons why a life insurance plan must positively be bought by a person after marriage. 

Getting Life insurance Before Marriage

While it is more common for married people to get life insurance, it is not completely unheard of for a single person to get life insurance as well. If you are not married but have familial responsibilities, you need to get a good life insurance policy right away. Here are some reasons why you may consider getting life insurance before marriage:

  1. Your age - 
    Many people these days focus on their higher studies and career and postpone their marriage voluntarily. Getting married in the late 30s or early 40s is very common nowadays. If you are in such a stage in life, it would be a good idea to buy life insurance now. In another few years, you will get older and your health may also begin to fail. Getting life insurance at that time would be quite difficult. So buy the plan now and stay covered till later. 
  2. You have dependents - 
    If you financially support your parents and/or other relatives and they are completely dependent on you, you need to have life insurance. If you die, the money received as the death benefit will help them financially and this is an important point for you to ponder on. 
  3. You have large debts - 
    Debt coverage is a key component of life insurance. Many people buy a life insurance plan to cover their loans and mortgages. If you have some loans that you are unpaying, make sure you have life insurance. Even if you die, your parents won't have to struggle to pay off your dues. They can use the insurance proceeds to do so with ease.

If these factors apply to you, ensure you get a life insurance plan at the earliest. You can buy it now when you are single and reap the benefits of the coverage later when you are married and start a family.

The Bottom Line

Most people get life insurance after marriage as they have a larger number of duties at that time. However, if you have delayed your marriage by a few years and have dependent parents and also have debt in your name, you need to get a life cover as a single person as well. The key is to identify your life situation and see if you need the life cover to offer financial protection to your loved ones, whether they are your parents or your spouse and kids, or both. You also need to consider your financial goals and select life insurance plans that help you in investing properly. Choose the most suitable cover at the right time and keep yourself and your loved ones protected.

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