Wedding Woes

Taking out life insurance

We're getting married next year and currently buying our first home together. Should we take out life insurance before or after the wedding, does it make a difference? 

Re: Taking out life insurance

  • For life insurance, it doesn't make a difference if you all are married or not, when you take it out.  You can usually put whomever you want as the beneficiary for a life insurance policy.

    It is a great idea to take out life insurance before buying a new home, since I assume the purchase price/mortgage note is based on both of your incomes.

    There are life insurance policies out there specifically designed to pay off a mortgage, jic an owner passes away.  But a disadvantage of those, is they are often only tied to the balance of the loan.  So if the mortgage balance is low or paid off, they don't pay much or anything.  It's usually better to buy a whole or term life policy and have enough of a payout that the home could be paid off.  That way, if an owner passes away, it doesn't matter what the loan balance is, the policy still pays the full $X.  
  • MyNameIsNotMyNameIsNot Atlanta member
    Knottie Warrior 10000 Comments 500 Love Its 5 Answers
    We carry life insurance for a little more than what we paid for our house. I was able to bundle it all together with homeowners and car insurance to get it pretty cheap. 

    It doesn't really matter if you do it before or after getting married, but you might be able to get a better deal if you're shopping for everything at once. 
  • kvrunskvruns member
    5000 Comments Seventh Anniversary 500 Love Its First Answer
    I imagine this is SPam to try to get people to click on the embedded link

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