Whole Life Insurance for Married Couples

Key Takeaway

Whole life insurance is a viable option for married couples because it can provide lifetime protection, steady premiums, and accessible cash value.

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3/27/2024

Why Married Couples Should Have Life Insurance


Couples should think about having life insurance for several reasons, including to help with financial security. Here are some reasons why you may consider getting a policy with your spouse: 

Financial Protection


Many couples may need life insurance to help protect their family financially, especially if one partner is the primary earner. That way, if the primary breadwinner dies unexpectedly, life insurance can help the surviving spouse keep up with some of the household expenses and costs. This is one of the reasons why whole life insurance can be seen as a good life insurance option for self-employed individuals.

Death benefits can help replace lost income and pay for other services that may have been covered by the income of the primary wage earner. 

Debt Repayment


If you and your spouse share debts, such as a mortgage, car payments, or student loans, life insurance can help act as a safety net in case something happens to one partner and the other has to assume payments.

Final Expense Management


End-of-life expenses such as funeral and hospital bills can be costly, and when a partner dies, the widowed spouse often has to cover all these payments. Having life insurance can help lighten the financial load.

Monetary Legacy


When you have a permanent life insurance policy, such as whole life insurance, your policy includes a death benefit as long as the policy remains paid up - which you can leave to the people or causes you love.  

Things to Consider When Choosing Life Insurance for Married Couples


When choosing life insurance, married couples should consider the following factors:

Coverage


The coverage amount you want to obtain in a life insurance policy will depend on your income and lifestyle, as well as policy affordability. It’s a good idea to consult an insurance agent to find the right mix of benefits for a premium you can afford. 

Timeline


Permanent life insurance lasts a lifetime, but it’s good to know the different timelines involved, such as how long you can expect to be paying premiums out of pocket (versus payments being subtracted from your cash value amount) and when or if you can make loans or withdrawals. It’s also important to note policies have a maturity date, which can be advanced and well past life expectancy. However, some policies have maturity dates as low as age 85 or 90. 

Savings


Life insurance can act as another form of savings. Some couples may use it as a way to diversify their retirement portfolio, so it’s advisable to choose a policy to help maximize these added benefits.

Picture of married couple and their children. How whole life insurance can help protect their family
Picture of married couple and their children. How whole life insurance can help protect their family

Whole Life Insurance for Married Couples


Whole life insurance is a type of permanent life insurance that covers the policyholder’s entire lifespan–as long as premiums are paid consistently. It comes with fixed premiums and cash value accumulation, which increases with policy age and becomes accessible through loans and withdrawals. And with most whole life insurance policies, there are no restrictions on how you spend your cash value.

When opting for whole life insurance, it’s important to consider the following: 

  • Budgeting: Whole life insurance is usually more expensive than term life insurance. 
  • Flexibility: Whole life insurance comes with fixed premiums, unlike universal life insurance, whose payments are adjustable. 
  • Growth pace: While account value accumulation is generally steady, the pace at which it grows in whole life insurance policies is usually slower than traditional investments.

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The information above is for educational use only and does not represent insurance, tax or legal advice. It is not a recommendation or solicitation to buy insurance. Please talk to your licensed insurance agent for more information about life insurance and your needs. Please consult with the appropriate professional for tax or legal advice. Guarantees are backed by the claims-paying ability of the issuing insurance company.


Article Author: Meredith Bell
Author Bio: Meredith joined Everly in 2022 and has 20+ years of experience in the life insurance industry. She has held various roles in advertising, marketing, communications, sales and distribution support, and product development. Outside of the office, Meredith lives with her daughter Kennedy and their dog Mavis. Meredith enjoys cooking, camping, gardening, hiking, and bourbon (though not always at the same time). She is a live music enthusiast and an avid reader. Her favorite quote is by Thomas Jefferson: "I cannot live without books." Meredith agrees, but would add cheese, movies, and dogs to that list.

Policies are issued by Everly Life Insurance Company (“Everly Life”), Topeka, KS. Everly Life is not licensed in the state of New York and does not solicit or transact business in New York.

A.M. Best's 15 ratings are a measure of claims-paying ability and range from A++ (Superior) to F (in Liquidation). Ratings are current as of January 25, 2024 and subject to change at any time. While ratings can be objective indicators of an insurance company's financial strength and can provide a relative measure to help select among insurance companies, they are not guarantees of the future financial strength and/or claims-paying ability of a company and do not apply to any underlying variable portfolios. The insurance agency from which a policy is purchased, and any affiliates of those entities, make no representations regarding the quality of the analysis conducted by the rating agencies. The rating agencies are not affiliated with the above-mentioned entities, nor are these entities involved in any rating agency's analysis of the insurance companies.

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