The newlywed's guide to life insurance - ABC5 News Des Moines, IA

The newlywed's guide to life insurance

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You've proudly said "I do!" and the wedding whirlwind is complete. Now that you're man and wife, it's time to start thinking about the future. Is there a new house on the horizon? Perhaps you want to start a family? No matter what your future plans are, one thing can help give you peace of mind: life insurance.

The world of life insurance can be confusing, especially for newlyweds, but it's definitely worth researching and talking about. The right kind of life insurance can help protect your spouse and family no matter what happens to you. As you start your new life together, consider your options.

Term life insurance and permanent life insurance are two of the most popular options. Which one is right for you? Term life insurance can be a more affordable option, but it lasts for a designated amount of time - for example 10 or 20 years - and then you would need to re-evaluate your coverage and needs when the term is complete.

On the flip side, newlyweds also choose permanent life insurance for a variety of reasons. What is permanent life insurance? This type of policy coverage is for your entire life and it includes a cash value component. Money is not just available upon death as it builds cash value through the life of the policy. That means you may be able to borrow from your policy at some point in the future for your child's college or when you retire. This type of coverage could be a good option for you to consider as a new couple.

Permanent life policies tend to be more expensive than term insurance but it's because you are accumulating cash value in your policy in addition to having death benefit protection. According to MSN.com, permanent life policy gains are tax-deferred if you surrender the policy during your lifetime. Proceeds are usually tax-free for your life insurance beneficiaries if used after your death.

You'll be making many big decisions together as a newlywed couple, and getting alife insurance quote that fits your lifestyle can help you and your spouse live with better peace of mind.

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