When you are single and working, you don’t have a lot of need for extra financial products, but when you have a spouse, it is more important to make sure they are covered. No one wants to think about an accident happening, but it can happen to anyone, and it’s important to have coverage if you have a spouse to take care of. Deciding what products you need can be a challenge, so here is a look at a few of the most important.
Life insurance doesn’t do you a lot of good when you are single, but if you are married it can be lifesaving for your spouse. This is especially true if you are the only working spouse in your family. With life insurance you can cover many important costs if you were to die and you can give your spouse some financial security. According to SBLI, you can sometimes purchase life insurance through your workplace, but you can also shop around to find a good deal that gives you the coverage you need.
While most people imagine disability as something you are born with, disability usually occurs later in life. According to Insurance Center Associates, about 90 percent of disability claims stem from an illness rather than an injury. Having disability coverage will give you and your spouse financial support if you are hurt or become ill in a way that prevents you from being able to work. While no one likes to think about that possibility, it is important to be prepared just in case.
While retirement savings isn’t a specific product, according to Financial Samurai, there are a variety of options that can help you to make your retirement as good as possible for you and your spouse. Sometimes you can get retirement help through your work in the form of a 401(k) which your employer may contribute to as well. You can also prepare for retirement by building an investment portfolio and having strong diversified investments. Regular savings accounts are a great addition, but they don’t come with the benefits of a retirement specific account.
It’s important that you and your spouse are financially secure no matter what problems life may bring your way. Having strong retirement savings and good insurance policies will help to make that happen. Take time to prepare financially for the future so you know you can handle the ups and downs of life.
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