There are various stages in life when people seriously consider purchasing life insurance. One of these stages is when they first get married. They are thinking about the future and what would happen to the surviving spouse if one of the spouses was to die unexpectedly. With these thoughts in their mind, they are more open to do the responsible financial thing and buy life insurance. If you find yourself with an opportunity to sell life insurance to newlyweds, here are some tips to help you close that sale.
State the Facts
According to the Financial Planning Association, or FPA, life insurance is an essential part of joining a married couple together. As soon as two people are financially dependent upon one another as in a marriage situation, life insurance needs to be a top priority. Young couples often have financial obligations that they need to take care of and they need coverage for those obligations in case something happens to one of the spouses. Student loans, auto loans, mortgages and other debts will still need to be paid in the event of a death and if those loans are in both names, the surviving spouse is responsible for them. It is often unrealistic to be able to pay these and other bills on one income alone. A modest life policy can help relieve some of the financial strain that is caused when one income is lost due to the death of a spouse.
Sooner is Better than Later
Another good reason for newlyweds to get life insurance as soon as possible is because it will be less expensive for them. As a young couple, newlyweds often have fewer health problems. And since health problems can lead to higher premiums, it is ideal to purchase a life policy before these problems occur. Buying as a young couple also increases their chances of getting guaranteed coverage for life, an option that many older couples do not have because they are higher risks.
Peace of Mind
Buying life insurance offers a peace of mind that other insurance products simply do not offer. One can only imagine how difficult it would be to lose their spouse and then lose their home and other things that they invested in as a couple because they weren’t able to pay the bills each month. If for no other reason, newlyweds may appreciate having at least a modest life insurance policy which would cover many of their financial obligations in case the unthinkable happens. They can always increase the coverage when they have kids or when their financial needs change over time.
These are just a few suggestions to help you convince newlyweds of their need for life insurance as early as possible. Many financial experts will say that life insurance is unnecessary until a married couple has kids, but the peace of mind that a life insurance policy can provide is worth the cost of the premiums alone.