Death is always a morbid topic, and most people wish to avoid discussing it. When death involves someone you love, it can be even more difficult. Even so, sitting down to have a frank spousal discussion about life insurance is necessary for any relationship.
Know Your Financial Situation
Many couples choose to combine finances after marrying. For those that don’t, it’s important to take a long, close look at each other’s finances. Go over assets, debts, and expected bills to give each other a good idea of where you stand.
Whether or not you’ve combined finances, an essential step is to break down expected costs, both those you have now and those you will have in the future. For example, raising children, buying real estate, and unexpected incurred debts are all enormous financial factors to consider.
Discuss Your Current Coverage
Perhaps both of you already have life insurance coverage. Perhaps only one does. Perhaps neither of you have considered life insurance before now. Regardless, make a detailed list of where you have/can obtain insurance. Know the details of your insurance and be aware of your current beneficiaries. Make any necessary changes together.
Take the time to discuss life insurance now. You’ll save both yourself and your spouse financial trouble when you least need it.